Karachi: Mr. Wajahat Husain, President & CEO, United Bank Limited (UBL) and Engineer Muhammad Arshad Chaudhry, Managing Director of National Transmission & Despatch Company Limited (NTDCL) attended a ceremony marking a major milestone towards Facility Effectiveness of the Syndicated Term Finance Facility of PKR 17 billion for the construction of Transmission Line of 270 km for the Neelum – Jhelum Hydro Power Project.
This financing arranged by UBL consists of its own participation of PKR 13 Bn and PKR 4 Bn from Bank AL Habib. The ceremony was held at the Head Office of UBL in Karachi. Senior executives of both UBL and NTDCL also attended the ceremony.
At the event, Mr. Wajahat Husain said “This landmark transaction signifies the beginning of large-ticket financings for development of sustainable energy infrastructure in Pakistan. It reflects UBL’s commitment towards the government’s mandate of overcoming energy shortages in the country.”
Engineer Muhammad Arshad Chaudhry while speaking on the occasion said that the construction of the transmission line has already been initiated and will be completed in two phases. Work on phase one has already started on a fast track basis. He further appreciated UBL as a trusted business partner under the leadership of Mr. Wajahat Husain and Mr. Naweed Sharif, Group Head Corporate & Investment Banking.