Wajahat Husain and Eng Muhammad Arshad Chaudhry at the ceremony. - Supplied photo
Dubai - The ceremony was attended by Wajahat Husain, president and CEO of UBL, and Eng Muhammad Arshad Chaudhry, managing director of NTDCL.
National Transmission and Despatch Company Limited (NTDCL) and United Bank Limited (UBL) have signed a syndicated term finance facility of Rs17 billion for the construction of a 270km transmission line for the Neelum-Jhelum Hydro Power Project.
The ceremony was attended by Wajahat Husain, president and CEO of UBL, and Eng Muhammad Arshad Chaudhry, managing director of NTDCL.
The financing arranged by UBL consists of its own participation of Rs13 billion and Rs4 billion 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. 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."
Eng Chaudhry 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 Husain and Naweed Sharif, group head of corporate and investment banking.