Tag: Loan

Government extends guarantee for Rs 5 billion PIA loan by two...

ISLAMABAD - The Economic Coordination Committee of the cabinet (ECC) on Tuesday decided to extend by two years the government guarantees for Rs 5 billion loans of the Pakistan International Airlines Corporation (PIAC), approved conversion of Rs 1 billion loans of the Heavy Electrical Complex (HEC) as government equity to make the entity viable for privatisation and formed a sub-committee to decide the quantity of strategic reserves of wheat to be maintained.
Finance Minister Dr

Sindh to acquire ‘urgent loan’ of $405m for Indus dykes’ rehabilitation:...

KARACHI - Sindh would be acquiring an urgent loan of at least $405 million from the Asian Development Bank (ADB) for immediate rehabilitation of the Indus dykes that were adversely damaged by the worst-ever floods in the province. This was stated by Chief Minister's Adviser on Planning and Development (P&D) Kaiser Bengali at a press conference held at the committee room of the P&D Department on Thursday. With the approval of the federal government, the funds of $405 million would be

ADB to give $36.8m loan for maiden wind power station

ISLAMABAD - The Asian Development Bank (ADB) on Friday announced that it will be providing a loan of $36.8 million to Zorlu Enerji to establish Pakistan's first privately owned and financed wind farm with a planned capacity of 56.4 megawatts of energy.
According to an announcement made by the ADB, Turkish company Zorlu Enerji Electrik Uretim, will use the loan to install wind turbines to increase power generation of its wind farm, in the Sindh province, from the current level of

SSGC to check gas losses with WB loan

KARACHI - With the assistance of a $200-million loan from the World Bank (WB), the Sui Southern Gas Company (SSGC) intends to implement WB's Natural Gas Efficiency Project for the purpose of reducing unaccounted-for gas (UFG) [gas loss through leakage and other reasons].
Under this project, the SSGC would replace approximately 5,750km of distribution pipeline - excluding the main supply line - during the next five years along with overhead and underground leak survey, and

World Bank approves $285m loan for KP, FATA

ISLAMABAD - The World Bank has approved a $285 million loan to assist recovery efforts in Khyber Pakhtunkhwa and the Federally Administered Tribal Areas (FATA).
According to a statement issued by the World Bank, the loan includes a grant of $35 million from the Multi-Donor Trust Fund (MDTF). This combined support comes at a critical juncture to assist the poor and vulnerable households to cope with income loss due to militancy crises in KP and FATA.
The $250 million credit

Japan gives soft loan of $233m for flood victims’ rehab

ISLAMABAD: Pakistan and Japan signed on Friday a soft loan agreement
of $233 million out of $500 million pledged by it at the Pakistan Development Forum last year in November for early rehabilitation of the flood affectees.
Japanese Ambassador Chihiro Atsumi and Economic Affairs Division Secretary Sibtain Fazal Halim signed the agreement. Under the arrangement, $ 59 million would be for budgetary support while $ 174 million would be utilised for Khyber-Pakhtunkhwa Rural Road

LHC adjourns petition seeking defaulted loan from Sharifs

LAHORE - The Lahore High Court (LHC) on Monday adjourned until February 10, hearing of a petition filed by a consortium of banks for winding up three units of the Ittefaq Group in order to recover around Rs 3 billion loans from the Sharif family. Earlier, a court formed committee presented its recommendations about winding up the units and the petitioners-banks sought time from the court to review the same.
The National Bank of Pakistan, Habib Bank Limited, United Bank Limited,

NAB arrests two for Rs 174m loan default

KARACHI - The authorities of National Accountability Bureau (NAB) Sindh, on Friday arrested two directors of private industry on allegations of willful loan default of Rs 174 million availed from National Bank of Pakistan (NBP). According to an announcement of NAB , accused Anwar Ahmed Rajwani and Salman Karim Rajwani were engaged in the business of garment manufacturing as ARK Garments.
The Karachi based industry availed financial facility of Rs 174 million from NBP in 1985 and

West Brom hope to loan out Macheda

BIRMINGHAM - West Bromwich Albion are hoping to sign striker Federico Macheda on loan from English Premier League rivals Manchester United.
Baggies head coach Roberto Di
Matteo has confirmed his interest on signing the 19-year-old on a
temporary basis.
Di Matteo was initially interested in acquiring the services of Macheda for a spell at the start of last season.
"Macheda is someone we looked at right at the start of last season. He's a striker, we are after

Spurs set to loan out Woodgate

LONDON: Tottenham Hotspur manager Harry Redknapp has said Jonathan Woodgate could go out on loan in a bid to boost the defender's recovery from a longstanding groin injury. But he was adamant Luka Modric would not be going anywhere despite reports Premier League champions Chelsea were interested in the Croatia playmaker.
Former Real Madrid centre-back Woodgate returned to training this week after more than a year out of action. Redknapp reckons the 30-year-old could return to

SBP rings alarm bell over loan concentration

KARACHI: The State Bank of Pakistan (SBP) has warned that commercial banks are restricting loan provision to only strong performing sectors to the detriment of other sectors. It has also observed that such concentration carries the inherent threat of systemic risk.
The central bank, assessing financial stability in the last calendar year 2009-10, viewed that commercial banks appear to be willing to lend solely to strong corporate clients in certain economic sectors such as

Pakistan plans to seek IMF loan extension

ISLAMABAD: Pakistan plans to seek an extension of an $11 billion International Monetary Fund (IMF) loan programme to win more time to implement the reforms needed to secure the next tranche, a finance ministry official said.
The IMF's programme, agreed in November 2008, has kept the US ally's fragile economy afloat, and is increasingly critical for Pakistan as it grapples with a widening fiscal deficit and the devastation of the summer floods. Finance Ministry Secretary Salman

IMF likely to delay next Pakistan loan tranche

KARACHI: Pakistan's slow implementation of key reforms may again delay the release of the sixth tranche of an $11 billion International Monetary Fund loan, a source involved with the IMF talks said on Wednesday.
An IMF mission came to Pakistan last month to review the country's performance and was due to present the country's case to its board in mid-December. Pakistan was hoping to secure the sixth tranche then. The seven-tranche programme has kept Pakistan's economy afloat

ABD likely to give $100m loan for Uch-II Power Plant

ISLAMABAD: The Asian Development Bank (ADB) is likely to approve on December 13 a private-sector loan of $100 million - with a political-risk guarantee of $50 million - for the 404-megawatt Uch II Power Plant in Balochistan.
The project involves the construction, erection and operation of the low British thermal unit (BTU) combined cycle power-plant. Uch II would be constructed adjacent to the 586 MW Uch 1 Power Plant at Dera Murad Jamali, which has been operational since 2000.

IMF and Pakistan to discuss today sixth tranche of $11 billion...

A meeting between officials from Pakistan and the International Monetary Fund (IMF) is to be held on Wednesday (today) in Islamabad to discuss the country's performance for the release of the sixth tranche worth $11 billion.
According to official sources, discussions regarding policy making would take place on November 1 and November 2. The review for release of the sixth tranche had been delayed since August due to issues including an increase in power tariffs and

LHC directs SBP to submit loan write offs list

Lahore High Court (LHC) has ordered the State Bank of Pakistan (SBP) to submit the list of individuals whose loans were written off by commercial banks in the last 40 years.
State Bank of Pakistan Assistant Chief Manager Zahid Pervez appeared in the court of Chief Justice Khawaja Muhammad Shairf and requested an extension for submitting the list. Pervez submitted that he had only received a copy of the petition the day before and had forwarded it and sent it to SBP