China, Pakistan Agree to Launch $10 Billion Railroad Project
- Two countries plan to upgrade line from Karachi to Peshawar
- Pakistan officials have said they expect funding from China
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Chinese President Xi Jinping and Pakistani Prime Minister Shehbaz Sharif agreed in a meeting in Beijing to launch a high-speed rail project that could cost $9.85 billion, a move that comes as the world’s No. 2 economy moves to slow some of its lending due to growth concerns.
The two nations agreed to get started on the Main Line-1, according to a statement from Sharif’s office, which described it as “a project of strategic importance.”