Pakistan signs $4.5bn Islamic loan for power sector relief
Pakistan has signed term sheets with 18 commercial banks for a 1.275 trillion Pakistani rupees ($4.5 billion) Islamic finance facility aimed at easing the financial burden on its power sector.
The syndicated financing, led by Meezan Bank, Habib Bank Limited, National Bank of Pakistan, and United Bank Limited, will help settle outstanding power sector liabilities such as unpaid bills and subsidies, according to a Reuters report.
The liabilities have strained fiscal resources and disrupted the supply chain.
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Muhammad Ali Bandial