Pakistan, Sept. 10 -- Pakistan has applied for a $2.5 billion loan through an international consortium to finance the first phase of the ML-1 railway project. The Asian Development Bank expected to play a leading role in arranging the funding. Other lenders, including the World Bank and Asian Infrastructure Investment Bank, are also expected to join the consortium. The financing aims to support the long-delayed upgrade of Pakistan Railways' main railway line.

Read More: Pakistan sets sight on flagship ML-1 project to modernise railway

A senior government official told that Pakistan needs around $2.5 billion for the project's first financing phase. The ADB is expected to provide more than $1 billion as the leading lender. Meanwhile, othe...