A consortium of 16 banks has arranged Rs100 billion sukuk for the Neelum-Jhelum Hydropower Project in what is the country’s biggest ever funds mobilisation for a public sector entity.

57630f4b19dcb

The National Bank of Pakistan (NBP), which leads the consortium, has the largest share (of around Rs35bn) in the funds being raised under Shariah-compliant tool.

Mufti Ahsan Waqar, chairman of NBP’s Shariah board, told Dawn that financial closure for the sukuk has been achieved and the bonds would be ready to trade on the stock market after completion of other formalities.

source http://www.dawn.com/news/1266623/neelum-jhelum-power-project-gets-record-rs100bn-financing