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Government Of Pakistan Closes First Phase Of US$ 375 Million Syndicated Term Loan And Murabaha Facilities Fully Subscribed By Leading UAE Banks |
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The Islamic Republic of Pakistan acting through the Ministry of Finance (MoF) - Government of Pakistan has successfully signed a US$ 375 Million Dual Tranche Syndicated Term Facility in June 2019. Both the conventional and Islamic tranches were fully subscribed by a syndicate comprising leading UAE banks who have successfully funded their commitments. The banks have also launched a general syndication to upsize the Facilities by utilising an accordion mechanism. Emirates NBD Capital Limited acted as the Global Coordinator for the Facilities and the transaction was anchored and arranged by Commercial Bank of Dubai P.S.C., Emirates NBD Bank PJSC, Noor Bank PJSC, Dubai Islamic Bank PJSC, Mashreqbank psc and Sharjah Islamic Bank PJSC, who jointly acted as the Bookrunners and Mandated Lead Arrangers. The Facilities mark another successful syndication for MoF and reaffirms investor confidence in Pakistan’s potential, supported by ongoing structural adjustments and continued investments in the physical infrastructure of the country. |
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