Ministry of Finance signs $1bn, 5-year long term financing facility

MG News | June 19, 2025 at 12:11 AM GMT+05:00
June 18, 2025 (MLN): The Ministry of Finance has signed a $1 billion syndicated term finance
facility, partially backed by a Policy-Based Guarantee under the Asian
Development Bank’s (ADB) “Improved Resource Mobilization & Utilisation
Reform” program.
Dubai Islamic Bank served as the Sole Islamic
Global Coordinator for the deal, while Standard Chartered Bank acted as the
Mandated Lead Arranger and Bookrunner.
Other key financiers include Abu Dhabi Islamic Bank, also as a Mandated Lead Arranger, along with Sharjah Islamic Bank, Ajman Bank, and HBL serving as Arrangers, as per the press release issued.
This five-year multi-tranche facility, comprising
both Islamic and conventional tranches, is considered a landmark transaction
for the Government of Pakistan, demonstrating strong support from prominent
regional financiers.
The Islamic tranche, structured in full compliance with AAOIFI standards,
constitutes 89% of the total financing amount, while the remaining 11% is
derived from conventional sources.
Notably, the transaction marks the first-ever
facility supported by ADB’s Policy-Based Guarantee linked directly to policy
reform measures undertaken by a member country, namely Pakistan.
The ADB program aims to bolster Pakistan’s long-term fiscal resilience and
stability, playing a pivotal role in enabling the country’s re-entry into
international commercial markets, with substantial interest from Middle Eastern
banks.
This
transaction signifies Pakistan’s return to the Middle Eastern financial market
after nearly two and a half years, highlighting renewed market confidence in
the country’s fiscal stability and improvements in macroeconomic indicators.
It also marks the beginning of a new partnership between the Government of Pakistan and Middle Eastern financial institutions.
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