NBP re­ceive “Mid­dle East Re­new­able Deal of the Year 2012” Award

The Pak Banker - - COMPANIES/BOSS -

Staff Re­porter

Na­tional Bank of Pak­istan ( NBP) re­ceived an award “Mid­dle East Re­new­able Deal of the Year 2012” from Project Fi­nance Mag­a­zine (a publi­ca­tion of Euromoney PLC) for its role in Pak­istan’s first first ever 100% Is­lamic Fi­nance Re­new­able Power Projects: namely Foun­da­tion Wind En­ergy 1 and 2. Upon com­ple­tion, the projects will con­trib­ute 100MW of elec­tric­ity to Pak­istan’s power grid. The trans­ac­tions are val­ued at ap­prox­i­mately US$250 mil­lion and are spon­sored by the Fauji Foun­da­tion, Fauji Fer­til­izer Bin Qasim, Ta­pal Group and Is­lamic In­fra­struc­ture Fund ( op­er­ated by CapAsia Pri­vate Eq­uity (Malaysia)).

In ad­di­tion to the eq­uity con­tri­bu­tion of the spon­sors, the fi­nanc­ing is be­ing pro­vided by a for­eign group of mul­ti­lat­eral devel­op­ment banks (Asian Devel­op­ment Bank and Is­lamic Devel­op­ment Bank) lend­ing to the Projects un­der a USD de­nom­i­nated Ijara fa­cil­i­ties in ad­di­tion to Ru­pee de­nom­i­nated syn­di­cated Musharaka fa­cil­i­ties. By virtue of com­bi­na­tion of lo­cal and for­eign spon­sors and lenders, th­ese projects have at­tracted a to­tal of US$ 152 mil­lion in the form of eq­uity in­vest­ment and long term for­eign Is­lamic fi­nanc­ing.In ad­di­tion to the role of Lead Ar­ranger, NBP is also act­ing as the In­ter-cred­i­tor Agent, Project Ac­counts Bank, and Project Mon­i­tor­ing Bank for the trans­ac­tions. The trans­ac­tions have re­ceived the award on the ba­sis of in­no­va­tion, best prac­tice, prob­lem solv­ing, risk mit­i­ga­tion, value for money and speed of de­liv­ery in the fi­nanc­ing of in­fra­struc­ture projects, large or small.

The trans­ac­tions have al­ready been awarded “Pak­istan Deal of the Year” and nom­i­nated as “Global Deal of the Year” by Is­lamic Fi­nance Mag­a­zine (a publi­ca­tion of the Red Money Group).

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