KARACHI, June 8: Citi Pakistan has concluded the arrangement of $70 million in Term Financing for Pakistan Mobile Communications Limited (PMCL or Mobilink).

This latest transaction by Citi includes the extension of $40m term financing (in equivalent Pak Rupee) to Mobilink, backed by the US based Overseas Private Investment Corporation as well as the arrangement of an additional $30 million in foreign currency financing from the Dutch development bank FMO, said a press release issued on Friday.

Citi will also provide hedging solutions for the foreign currency amount of the financing, whilst acting as the security trustee for the European lender.