Pakistan secures $1 billion Islamic-conventional finance deal
On June 18th, the government of Pakistan announced that its Ministry of Finance had secured a $1 billion five-year syndicated term finance facility structured with Islamic and conventional tranches.
Dubai Islamic Bank was the sole Islamic global coordinator, while Dubai Islamic Bank and Standard Chartered Bank served as mandated lead arrangers and bookrunners. The facility is partially backed by a policy-based guarantee from the Asian Development Bank (ADB) under its “Improved Resource Mobilisation & Utilisation Reform” program.
“This is a landmark transaction for the Government of Pakistan that demonstrates strong support from leading financiers in the region,” the ministry said in a statement, adding that the facility includes Islamic and conventional tranches, with 89% structured to comply with AAOIFI standards.
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Muhammad Ali Bandial