Muhammad Faisal Kaleem

The Lyari Elevated Freight Corridor (LEFC) Project is estimated to cost Rs99.688 billion, a senior official of the National Highway Authority (NHA) told the National Assembly Standing Committee on Economic Affairs in a recent meeting chaired by Muhammad Atif, Wealth Pakistan reports. The corridor will provide a dedicated route for the heavy freight traffic from Karachi Port to the Northern Bypass, reducing congestion, improving logistics efficiency, and minimizing traffic pressure on city roads.

The total construction cost includes Rs81.228 billion for the structure, 3% for additional contingencies, 3% for consultancy, and Rs11.077 billion as escalation cost. The committee was informed that a complete report of the Korean Exim Bank on the project will be shared with the Karachi Port Trust (KPT) by the end of January 2026. The committee recommended close coordination between the KPT and the NHA, with the Secretary of the Economic Affairs Division (EAD) taking the lead to formulate a more concrete and workable strategy for the corridor.

The committee was informed that the proposed loan for the LEFC project from the Korean Exim Bank carried a tenure of 40 years with an interest rate of 1 percent. KPT Chairman Rear Admiral (retired) Shahid Ahmed, invited the committee to hold its next meeting in Karachi and to visit the project site. The committee members emphasized the importance of bringing the policy rate to a single digit to reduce borrowing costs and support economic growth.

They also emphasized that the economic policy should focus on controlling inflation and promoting sustainable economic growth. The meeting was attended by Dr. Mirza Ikhtiar Baig MNA, Shahid Usman MNA, Muhammad Khan Daha MNA, Ms. Akhtar Bibi MNA, Ms. Huma Chughtai MNA, Syeda Shehla Raza MNA, Muhammad Jawed Hanif Khan MNA, Sadiq Iftikhar MNA, and Ms. Neelam MNA. Secretary Economic Affairs Division, officials of the Ministry of Economic Affairs, and officers from the other departments concerned attended the meeting.

Credit: INP-WealthPk