Financial Closure Reached for $953 Million Sukuk for Pakistan’s Neelum-Jhelum Hydropower Project

24 Jun 2016 by OOSKAnews Correspondent

A consortium of 16 banks, led by the National Bank of Pakistan (NBP), has arranged a $953.3 million USD sukuk (Islamic bond) for the Neelum-Jhelum Hydropower Project, currently being built in the Kashmir region.A signing ceremony for the financing agreement took place this week, attended by NBP President and CEO Syed Iqbal Ashraf, Water and Power Development Authority (WAPDA) Chairman Zafar Mahmood and Neelum-Jhelum Hydropower Company (NJHPC) CEO Muhammad Zubair, among others.Ashraf said the sukuk had achieved financial closure. It has been structured with a tenor of 10 years and is backed by the sovereign guarantee by the Pakistani government...

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