KARACHI: United Bank Limited (UBL) recently signed a document to mark the successful financial close of Rs 25.2 billion Syndicated Term Finance Facility raised to part finance the Karachi-Hyderabad Motorway Project (M-9). Wajahat Husain, President and CEO UBL, Major General Mohammad Afzal, DG FWO and Shahid Ashraf Tarar, Chairman NHA signed the document for the financial close in the presence of chief guest Lieutenant General Khalid Asghar, Engineer-in-Chief, Pakistan Army. Senior executives from UBL and consortium banks were also present at the event held at the FWO Headquarters in Rawalpindi.

UBL was appointed as the Mandated Lead Advisor & Arranger and Agent Bank for arrangement of Rs 25.2 billion which was successfully raised within a record 100 days from the award of the mandate. NBP and MCB, as the lead advisors and arrangers, along with other Conventional and Islamic syndicate members including Meezan Bank, Bank Alfalah, Faysal Bank, Askari Bank and Bank of Punjab also played a major role in the financial close.

Speaking at the Ceremony, Lieutenant General Khalid Asghar praised all the organisations involved for their efforts in ensuring the swift financial close. He further added that the participation of the private sector and financial institutions in the highway sector was a fruitful endeavor for Pakistan and such projects bode well for the socio-economic development of the country.

During his address to participants of the event, Wajahat Hussain, President & CEO UBL stressed that robust infrastructure, such as roads, is the backbone for the economic development of any country. UBL’s commitment to this cause in Pakistan is absolute. UBL is at the forefront of the banking sector in Pakistan and will continue to play its due role in the infrastructure development of the country.—PR