KARACHI, April 4: European Investment Bank, Luxembourg, has approved 35 million euro as a seven-year term loan facility for DG Khan Cement Company Limited to facilitate the expansion of its Khairpur cement plant. DG Khan Cement is one of Pakistan’s leading cement manufacturers and a part of the Nishat Group of Companies.

This financing facility has been arranged and structured by ABN AMRO Bank through a guarantee facility. This guarantee facility is 85 per cent secured by an Eksport Kredit Fonden (EKF -– Danish Export Credit Agency] guarantee.

On this occasion, Jean-Louis Biancarelli, Director General of European Investment Bank (EIB), attended a ceremony held at the Marriot Hotel Karachi. Dr Shamshad Akhtar, Governor of the State Bank, was chief guest.

Naved A. Khan, country executive of ABN AMRO Bank, in his welcome note termed the deal as landmark transaction as it involved direct EIB lending to a private sector entity, for the first time in Pakistan.