city government has signed a memorandum of understanding
(MoU) with a Swiss-German firm - Inter Glob - for an electromagnetic
levitation train in Karachi.
1.2-billion-dollar project will be financed by an international
consortium and will be pursued on a build, operate and
transfer (BOT) basis. This was stated by City Nazim Naimatullah
Khan at a press conference at the Governor's House on Monday.
Governor Mohammedmian Soomro and Prof Ing Wagner of the
Inter Glob were also present.
Soomro, welcoming the project, assured the parties his
government's every possible assistance, adding that we
would work in a close coordination.
Khan said the draft agreement, which had been received
from the Swiss-German firm, would be forwarded to the provincial
government for obtaining a no-objection certificate (NOC).
stated that there would be no monetary investment by the
city government in the project which would participate
in terms of allocating land and infrastructure.
Programme in Pakistan.