Corporate corner: UBL arranges Rs17b for Neelum Jhelum project

KARACHI:

United Bank Limited (UBL) President and CEO Wajahat Husain and National Transmission and Dispatch Company (NTDC) Managing Director Muhammad Arshad Chaudhry attended a ceremony that marked the arrangement of a syndicated term finance facility of Rs17 billion for the laying of a transmission line over 270 km for the Neelum Jhelum hydropower project. In the financing, UBL contributed Rs13 billion whereas Bank AL Habib gave Rs4 billion. The ceremony was held at the UBL head office in Karachi where senior executives of both UBL and NTDC were present. “This landmark transaction signifies the beginning of large-ticket financing for the development of sustainable energy infrastructure in Pakistan. It reflects UBL’s commitment to the government’s efforts to overcome energy shortages in the country,” said Husain. “Work on the transmission line has already been initiated and will be completed in two phases,” said Chaudhry.

Published in The Express Tribune, November 27^th,  2015.

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