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Malaysia to invest $1.1 billion

LAHORE – Malaysia will make investment in monorail project to the tune of $1.1 billion in order to provide modernised transport facilities to Lahorites.

About 22 km long track will be laid on Ferozepur Road in the first phase. Internationally acclaimed Malaysian company Scomi International will execute the project whereas Project Support Asia will provide funds for monorail in the city. The project will bring about reforms of fundamental nature in the domain of urban transport.

This was stated by Advisor to Chief Minister and Chairman Lahore Transport Company Khawaja Ahmad Hassaan while presiding over a meeting of the committee constituted for execution of monorail project in CM’s Secretariat here on Monday.

Members of Punjab Assembly Hafiz Mian Noman, Khawaja Salman Rafiq and Chairman P&D;, Secretary Transport, Secretary Finance, GM Finance LTC and member of committee Mustafa Ramday were present in the meeting. Jack Penkin of Scomi International and representatives of Project Support Asia were also present.

Chairman Khawaja Ahmad Hassaan said that Malaysia will provide state-of-the-art transport related infrastructure. Which would have a deep impact in providing modernised and affordable transport facilities to general public.

He said that in addition to making investment $1.1 billion, Malaysia will also provide technical expertise for execution of the project, he said that after the completion of the project Scomi International will be functional in built, operate and transfer system (BOT). He said that an intelligent and integrated transport system and electronic ticketing system will be installed in this project.

He said that the whole operation of monorail will be carried out through a computerised system. He said that monorail project would have deep impact in strengthening the mutual relations of Malaysia and Pakistan. He said that LDA, TEPA, LTC and district government and all other related departments will be bound to provide all possible assistance in the implementation of monorail project. He said that equal opportunity will be given to local and foreign investors in the transport sector. He said that monorail would have a revolutionary impact in reforming urban transport sector, which would help in redressing public grievances. Government of Punjab is making organised and integrated efforts to reform the transport sector of the city.

He said that it is primarily due to the dynamic leadership of Chief Minister Shahbaz Sharif that international investors are enthusiastic about investing in Punjab.

Source: The Nation

Malaysia to invest $1.1 billion
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Malaysia to invest $1.1 billion
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