Karachi: The government of Sindh has inked agreements for Rs 25.5 billion with a Meezan Bank-led consortium and Enertech Water Private Limited for the provision of 45 Cu sec water supply through the 65 pipelines from Nabisar to Vajihar and the construction of two big water reservoirs in Thar, Sindh.
According to a news release, EnerTech Water Private Limited signed a Concession Agreement with the Government of Sindh as part of a public-private partnership to build, construct, and operate a water processing facility for water supply to Thar, Sindh.
The country’s financial sector expressed tremendous interest in the deal, resulting in the facility being significantly oversubscribed. Habib Bank Limited, United Bank Limited, Meezan Bank Limited, Bank Alfalah Limited, and Pak Kuwait Investment Company (Private) Limited are the facility’s Mandated Lead Advisors and Arrangers.
The National Bank of Pakistan, MCB Bank Limited, Faysal Bank Limited, The Bank of Punjab, Bank Islami Limited, and Pak China Investment Company Limited are among the other financial institutions taking part.
Meezan Bank is acting as Investment Agent, Security Agent, Accounts Bank, and Shariah Structuring Bank in this transaction. EnerTech Water Private Limited is a project firm established by EnerTech Holding Company, a wholly-owned subsidiary of National Technology and Enterprise Company, which is a wholly-owned subsidiary of Kuwait Investment Authority.
Syed Sajjad Haider, Pakistan’s Ambassador to Kuwait, addressed the audience and thanked all parties involved, including the government of Sindh and the lenders, on the successful completion of a deal with a Kuwait Investment Authority group firm.