KARACHI: A consortium of banks, managed by the Bank of Punjab, together with InfraZamin Pakistan Limited, on Tuesday announced the successful financial close of a Rs4.76 billion 10-year Islamic syndicated term finance facility for Air Link Communication Limited and Select Technologies Limited, a statement said.
The financing consortium comprises Askari Bank Limited, BOP, BankIslami Pakistan Limited, and Pak China Investment Company Limited, acting as Mandated Lead Advisors and Arrangers (MLAAs), while Infra Zamin Pakistan Limited is providing a credit guarantee of Rs3.57 billion that has enabled a 10-year financing solution for the project.
The financing will enable the establishment of state-of-the-art manufacturing facilities at the Sundar Green Special Economic Zone, where both companies will expand local production of home appliances, consumer electronics, and smartphones. The project supports Pakistan’s industrialisation and import substitution agenda.
A 1MW solar power plant is also envisaged to reduce carbon emissions by an estimated 700 tonnes annually, lowering operating costs and encouraging a climate-friendly energy mix.The investment is projected to manufacture over one million affordable smartphones annually, improving digital access and internet connectivity. The project is also expected to create approximately 450 direct jobs within five years of construction, with 25-30 per cent of these positions reserved for women, contributing to greater women’s participation in the manufacturing sector.
