US Consul General William Martin has signed an agreement to provide Rs 56 million to the Premier Mercantile Services (PMS) for expert assistance to facilitate the acquisition and operation of a fleet of locomotives on the Karachi-Lahore railway line, to boost cargo-transportation from Pakistan’s ports to the interior of the country.
On behalf of the US Trade and Development Agency, Martin along with Captain Haleem Siddiqui of PMS inked the agreement that will enable the private sector company to help Pakistan’s rail system handle the growing volume of cargo between Lahore and Karachi.
The initiative is central to improving the capacity of one of Pakistan’s most important trade corridors and promoting continued economic growth.
To remedy a shortage of properly maintained locomotives, Pakistan Railways has agreed to allow PMS to deploy and operate a fleet of locomotives using its existing rolling stock and railway infrastructure.
The assistance will also provide PMS with an assessment of future freight volumes, financing requirements for the project, and other technical assistance.
Speaking on the occasion, Martin said: “The US remains committed to partnering with the Pakistani transportation sector, because of its importance in supporting economic growth in the country, while also increasing and strengthening US-Pakistani commercial ties.”
The US Trade and Development Agency aims to create sustainable infrastructure and economic growth in partner countries.
US Embassy Islamabad Commercial Counselor Brian McCleary and Marine Group of Companies Managing Director Aasim Siddiqui were also present on the occasion.
