Agreements worth Rs25.5 billion signed for Islamic financing facility
KARACHI: The Meezan Bank-led consortium and Enertech Water Private Limited signed agreements of Rs25.5 billion for Islamic syndicated project financing facility for the government of Sindh, a statement said on Wednesday.
This is the largest financing facility raised for the government of Sindh, structured under a public-private partnership, it added.
The facility will be utilised for the development of a 45 cusecs 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 government of Sindh under the public-private partnership mode to build, construct and operate a water processing facility for water supply to Thar.
The mandated lead advisers 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 the 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.
Ambassador of Pakistan to Kuwait Syed Sajjad Haider said: “This project will strengthen the relationship between Kuwait and Pakistan and further encourage investment from Kuwait.”
“Pakistan has some of the most outstanding professionals in the banking, as well as public sectors. Pakistan can be a very attractive investment destination for sophisticated investors and EnerTech will continue to play its part to develop infrastructure in Pakistan,” EnerTech Holding Company chief executive officer Abdullah Al Mutairi said.
EnerTech Water Private Limited is a project company incorporated by EnerTech Holding Company, which is a wholly-owned subsidiary of the National Technology and Enterprise Company, which, in turn, is a fully-owned subsidiary of Kuwait Investment Authority.
“I would like to congratulate the government of Sindh for successfully closing this very important project and that this is an excellent example of a-public private partnership,” Meezan Bank deputy chief executive officer Ariful Islam said.
“Meezan Bank has always been keen to play an active role in the development of the country and is delighted to have had the opportunity of playing a lead role in arranging the debt financing for this project.”
“This is (the) largest financing facility raised for the government of Sindh, structured under a public-private partnership that will contribute towards sustainable infrastructure development. As the country’s largest Islamic bank, we aim at continuing the working with entities like Enertech to bring strategic infrastructure projects to scale for the betterment of the region,” he added.
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