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KARACHI: MoU signed for $1.2bnmagnetic train

August 27, 2002 - The Daily DAWN

The city government has signed a memorandum of understanding (MoU) with a Swiss-German firm - Inter Glob - for an electromagnetic levitation train in Karachi.

The 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.

Sindh Governor Mohammedmian Soomro and Prof Ing Wagner of the Inter Glob were also present.

Mr Soomro, welcoming the project, assured the parties his government's every possible assistance, adding that we would work in a close coordination.

Naimatullah 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).

He 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.

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