Meezan Bank-led consortium signs Rs25.5bln syndicated project finance facility

KARACHI: Meezan Bank-led consortium and Enertech Water Private Limited, have inked Rs25.5 billion Islamic syndicated project finance facility structured under a public-private partnership, a statement said on Wednesday.

The facility will be utilised for the development of a 45 cusec water supply project from Nabisar to Vajihar including two large water reservoirs and 65km pipeline in Thar, Sindh.

EnerTech Water Private Limited signed a concession agreement with the Sindh government to build, construct and operate a water processing facility for supply of water to Thar, Sindh.

The statement said the financial sector of the country registered an overwhelming interest in the transaction resulting in the facility being oversubscribed by a substantial amount. The mandated lead advisors and arrangers for the facility are Habib Bank Limited, United Bank Limited, Meezan Bank Limited, Bank Alfalah Limited and Pak Kuwait Investment Company (Private) Limited.

The other participating financial institutions are National Bank of Pakistan, MCB Bank Limited, Faysal Bank Limited, The Bank of Punjab, Bank Islami Limited and Pak China Investment Company Limited. The transaction is being led by Meezan Bank in the capacity of investment agent, security agent, accounts bank and Shariah structuring bank.

The ambassador of Pakistan to Kuwait, Syed Sajjad Haider congratulated the parties including Sindh government and the lenders for successfully developing a transaction with a group company of Kuwait Investment Authority.

“This project will strengthen the relationship between Kuwait and Pakistan and further encourage investment from Kuwait,” Haider said.