Prime Minister Shehbaz Sharif met with Asian Development Bank (ADB) Vice President Yingming Yang on Friday to discuss the early commencement of the long-delayed Main Line-1 (ML-1) railway project. The government emphasized the Karachi-Peshawar corridor as a crucial initiative for modernizing freight logistics and enhancing regional trade connectivity.
Yang, overseeing South, Central, and West Asia for the ADB, was on his first official visit to Pakistan since assuming his role. The discussions also covered priorities under the bank’s upcoming Country Partnership Strategy (CPS) for 2026-2030.
The ML-1 project, aimed at upgrading Pakistan’s primary railway route from Karachi to Peshawar, was a central topic. Prime Minister Shehbaz stressed the urgency of beginning the project early, highlighting its importance for infrastructure development, improved connectivity, and the modernization of the country’s transportation and freight systems.
He noted that the enhanced ML-1 corridor would bolster freight logistics, facilitate regional trade, and support significant industrial initiatives across Pakistan.
Further talks explored expanding collaboration with the ADB in areas such as private sector development, energy and food security, export competitiveness, as well as cooperation in artificial intelligence and information technology.
Shehbaz also highlighted Pakistan’s successful navigation through a challenging economic turnaround, driven by fiscal, structural, and governance reforms. These measures have restored macroeconomic stability and strengthened investor confidence, with major international credit rating agencies like Fitch, Moody’s, and S&P upgrading or improving their outlooks on Pakistan.
The prime minister reaffirmed his government’s commitment to long-term economic transformation, noting ongoing efforts to eliminate administrative hurdles through dedicated execution task forces.
He praised the ADB’s role in supporting Pakistan’s development, particularly in urban infrastructure, transport, and public service projects. The meeting reviewed the longstanding partnership between Pakistan and the bank and aimed to identify priority projects under the CPS 2026-2030.
Both leaders concluded by pledging to translate the strategy’s goals into tangible development projects to promote sustainable economic growth and improve living standards in Pakistan.
Meanwhile, Pakistan renewed efforts to attract private capital for infrastructure and economic growth through public-private partnerships (PPPs) and privatization, recognizing that government funding alone cannot meet the country’s expanding investment needs.
The ADB, Ministry of Privatization, and Public Private Partnership Authority (P3A) jointly organized a National Strategic Dialogue focused on mobilizing private investment. The event brought together Finance Minister Muhammad Aurangzeb, Prime Minister’s Adviser on Privatization Muhammad Ali, ADB Vice President Yingming Yang, representatives from federal and provincial financial institutions, and members of the investment community.
During the event, the ADB launched the Pakistan PPP Monitor, a platform designed to consolidate information on PPP projects and investment activities. This tool aims to provide investors and stakeholders with clearer insights into opportunities within Pakistan.
The PPP Monitor indicates that Pakistan has completed 154 PPP projects since 1990, with investments totaling approximately $36 billion.
Privatization Adviser Muhammad Ali emphasized the government’s shift toward empowering the private sector to drive economic growth. He stated, “We have started handing over the reins of economic growth to the private sector,” stressing that future infrastructure and development demands cannot be met by government expenditure alone.
Finance Minister Aurangzeb echoed this sentiment, asserting that the private sector should spearhead the next phase of Pakistan’s economic development. He highlighted that PPPs and privatization could attract investment, enhance efficiency, and expand private-sector participation.
Yang welcomed Pakistan’s initiatives to strengthen private sector partnerships and reaffirmed the ADB’s commitment to supporting large-scale private investment. He underscored the significance of the Pakistan PPP Monitor in providing comprehensive information on projects and investment opportunities, aiding investors and stakeholders in identifying prospects.
The dialogue highlighted the government’s broader strategy to mobilize private capital through PPPs and privatization, aiming to reduce dependence on public funding while expanding investment in infrastructure and economic assets.
