KARACHI: Foundation of Karachi Circular Railway service, under CPEC project, will be laid on December 25 this year, said Sindh Minister for Information, Transport and Labour, Syed Nasir Hussain Shah.

Addressing the members of SITE Association of Industrialists, he said the circular railway project only recently incorporated in to CPEC scheme will largely help the local commuters comprising workers and daily wage earners.

“Above all this will particularly benefit the citizens of Karachi who have been kept devoid of clean, quality and affordable transport service for past many years,” the minister said.

He said the PPP government fully conscious of its responsibilities towards the Karachiites also plans to support private sector in procurement of fleet of 637 buses that would necessarily meet the international safety standards.

“Provincial government will arrange 70% financing, through Modarba, for these vehicles with mark-up rate ranging between three percent to five percent,” said the provincial transport minister.

It was claimed that government will pay 15% needed investment for these buses and that steps will also be taken to arrange interest rates beyond five percent.—APP