KARACHI - Citi Pakistan has successfully concluded the arrangement of $70 million in Term Financing for Pakistan Mobile Communications Limited (“PMCL” or Mobilink), the largest cellular company in Pakistan by subscriber base and the market leader in the telecom industry, says a Press releaese.
The OPIC-backed facility is part of a recent global risk participation agreement between Citibank and OPIC, through which Citi can extend financing to private enterprises in emerging markets including Pakistan. This loan to Mobilink represents the first such deal under the global Citi-OPIC agreement and highlights the potential for similar loans to be disbursed to other private sector corporate clients of Citi in Pakistan, under the Citi-OPIC global agreement.
For the $30million in foreign funding, Citi was able to leverage its vast international network to generate long term DFI interest in Pakistani private sector credit. This is particularly significant at a time when the global climate remains volatile and emerging market appetite continues to wane.