Pakistan Receives a Syndicated Loan of $370 Million - Android

The government of Pakistan has closed a $370 million syndicated loan, Dubai’s biggest bank Emirates NBD said in a statement… Read More

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The government of Pakistan has closed a $370 million syndicated loan, Dubai’s biggest bank Emirates NBD said in a statement on Sunday.

The loan comprises a conventional and Islamic tranche, which was coordinated by Emirates NBD Capital.

Several banks from Pakistan and the United Arab Emirates (UAE) were involved in arranging this deal, including Sharjah Islamic Bank, Mashreqbank, Commercial Bank of Dubai, Allied Bank Limited Bahrain, United Bank Limited, Habib Bank UK Limited, Credit Europe Bank N.V., and Union des Banques Arabes et Francaises.

Emirates NBD Capital labeled this loan as Pakistan’s largest hybrid commercial financing this year.

Pakistan’s external debt and liabilities reached an alarming level of $113.8 billion by the end of September 2020, due to the continuous borrowing from bilateral and multilateral agencies.

According to the State Bank of Pakistan (SBP), the burden of these external debts and liabilities surged by $945 million or 0.8% during the first quarter of the financial year 2020-21 (July to September). The country’s total external debt stood at $113.803 billion by 30 September 2020, as compared to $112.858 billion by 30 June 2020.

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