BoP secures $54.2m from AFD for climate initiatives in Pakistan
MG News | October 07, 2024 at 10:09 AM GMT+05:00
October 07, 2024 (MLN): The Bank of Punjab (BOP) has successfully arranged a Foreign Currency (FCY) On-lending Facility of USD 54.2 Mn (Credit Facility) from Agence Française de Développement (AFD), the French state development finance agency.
This Credit Facility is intended for onward lending to climate adaptation and mitigation projects and activities in Pakistan.
In addition to the Credit Facility, AFD is also providing BOP a Grant Facility of EUR 675K to support a technical assistance program.
The Credit Facility marks the first FCY facility arranged by a Pakistani commercial bank specifically tied to climate financing.
Additionally, this collaboration represents the first-ever partnership between AFD and a Pakistani commercial bank, making it a significant milestone for both institutions.
The successful close of the facilities was commemorated at a signing ceremony at AFD’s head office in Paris, where the formal agreements were executed by Cyrille Bellier, AFD Director for Europe, Middle East & Asia and Umer Khan, Head Investment Banking, BOP.
The ceremony was also attended by Muhammad Naeem Javid, CFA, Head Project Finance, BOP, along with senior representatives from AFD.
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