20000325

ABN-AMRO, UBL

arrange Rs 1.5bn

syndicated loan

for Wapda

RECORDER REPORT

KARACHI: A one-year syndicated loan of Rs.1.5 billion was arranged for the Water and Power Development Authority (Wapda) by ABN-AMRO Bank and United Bank Limited as joint venture.

The signing ceremony for the syndicated loan was held on Friday. Muhammad Aurangzeb, Country Manager ABN-AMRO Bank and Major General Sarfraz Iqbal, Deputy Chairman, Wapda were present on the occasion.

Funding was raised by a number of leading banks to meet WAPDA's current financial requirements.

Participants in the loan include ABN-AMRO Bank, UBL, Habib Bank, National Bank of Pakistan and Bank AL-Falah.

This is the 3rd syndicated loan for Wapda which was arranged by the ABN-AMRO in the last 12 months.

Wapda's renewed creditworthiness is reflected through the Rs.5 billion, arranged through these debt syndication.