HBL and NBP to provide Rs. 84 billion, for 1200 megawatts LNG-based power plant

Lahore: Presidents of Habib Bank Limited and National Bank of Pakistan called on Chief Minister Punjab Muhammad Shahbaz Sharif, here today and presented an offer to underwrite the project financing  amounting to Rs. 84 billion, for Punjab government’s  1200 megawatts LNG-based power plant at Bhikki Sheikhupura.

This is the first of its kind project and the biggest project financing portfolio arranged by local banks in the history of the country. Both the Banks expressed full confidence in the commercial and economic viability of the project and called it an important initiative towards alleviation of energy crisis.

The Presidents of the banks expressed confidence in the leadership of the Chief Minister Punjab and his team. They highlighted that completion of earlier projects in Punjab in record time has given a lot of confidence to the banks and the Punjab government enjoys high degree of credibility.

They expressed confidence in the capacity of the Punjab government.

The Bank Presidents resolved to work with other financial institutions to raise the financing in the shortest possible time to meet the stringent guidelines. The planned financing by the banks is the single largest financing for an energy project which has been domestically raised.

The plant will be operated on imported LNG and shall start operation in 2017.