Rs 25.5 billion project signed with Kuwaiti firm for 45-cusec water supply in Thar

Thar water

Meezan Bank-led consortium and Kuwaiti state-owned company Enertech Water Private Limited have signed an agreements worth Rs 25.5 billion with the Sindh government for the provision of 45 Cusec water supply via 65 km pipeline from Nabisar to Vajihar and building of two large water reservoirs in Thar, Sindh.

The details of the agreement showed that the EnerTech Water Private Limited has signed a Concession Agreement with the Government of Sindh under a public-private partnership model to form, build and work a water processing capability for the supply of water to Thar, Sindh.

Read more: CPEC power project in Sindh’s Thar Block-II generated 1838 local jobs

The economic division of the country recorded an awesome interest in the business consequential in the facility being oversubscribed by a substantial amount. The Mandated Lead Advisors and Arrangers for the facility are United Bank Limited, Meezan Bank Limited, Habib Bank Limited, Bank Alfalah Limited, and Pak Kuwait Investment Company (Private) Limited.

Moreover, the other partaking economic institutions are the MCB Bank Limited, National Bank of Pakistan, Faysal Bank Limited, The Bank of Punjab, Pak China Investment Company Limited, and Bank Islami Limited.

Meezan Bank leads the transaction in the capacity of Security Agent, Investment Agent, Accounts Bank, and Shariah Structuring Bank. EnerTech Water Private Limited is a development company assimilated by EnerTech Holding Company, which is totally possessed by a subordinate of National Technology and Enterprise Company, which in turn is a fully owned subsidiary of Kuwait Investment Authority.

Moreover, Syed Sajjad Haider, the Ambassador of Pakistan to Kuwait, spoke to the spectators and acknowledged the parties with the government of Sindh and the moneylenders for positively emerging a deal with a group company of Kuwait Investment Authority.

He said, “This project will strengthen the relationship between Kuwait and Pakistan and further encourage investment from Kuwait.”

Meanwhile, Chief Executive Officer, EnerTech Holding Company Abdullah Al Mutairi also showed his happiness at the attainment of this important milestone. He said, “Pakistan has some of the most outstanding professionals in the Banking as well as Public sectors.”

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