KE signs $50m loan pact

Updated Oct 02 2019

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The dual currency corporate term loan will be split equally into two tranches denominated in the rupee and dollars. — AFP/File
The dual currency corporate term loan will be split equally into two tranches denominated in the rupee and dollars. — AFP/File

KARACHI: K-Electric has signed a $50 million loan agreement with Standard Chartered Bank, supported by GuarantCo, to undertake upgradation of power infrastructure including the installation of theft-resistant Aerial Bundled Cable (ABC) as well as smart grid solutions.

The dual currency corporate term loan will be split equally into two tranches denominated in the rupee and dollars and will be given by Standard Chartered to the power utility company over the next five-and-half years. GuarantCo is the guarantor for the transaction with a partial guarantee to support the loan facility, said the press release issued by the company.

GuarantCo, through the Priv­ate Infrastructure Development Group Technical Assistance Facility, will provide $185,000 grant to co-finance the awareness and capacity building workshops to reduce safety risks and technical/non-technical losses in KE’s transmission network.

Published in Dawn, October 2nd , 2019