UBL awarded mandate to raise over 25 Billion for the Karachi Hyderabad Motorway project

Mr. Wajahat Hussain, President & CEO of United Bank Limited (‘UBL’) and Major General Muhammad Afzal, CEO of SCORE – a wholly owned subsidiary of Frontier Works Organization (‘FWO’)- recently signed on a document, confirming the award of mandate to UBL for raising PKR 25.2 Billion debt financing for construction, operation and maintenance of Karachi-Hyderabad Motorway (‘M-9’ or ‘Project’). The ceremony took place at the Head Office of the FWO in Rawalpindi.
The mandate was awarded by SCORE (Superhighway Construction Operation and Rehabilitation Engineering (Pvt) Limited) to UBL as the Mandated Lead Advisor & Arranger and Agent Bank for arrangement of PKR 25.2 Billion, whereby UBL will raise the requisite financing with a consortium of banks. This project shall link Karachi to Hyderabad through a 136 km long world class motorway. More importantly, the Project is one of the first practical steps taken by the Government of Pakistan to open up the China-Pakistan Corridor under the strategic national policy.
Major General Muhammad Afzal appreciated the zeal and professionalism of the UBL team under the leadership of Mr. Wajahat Hussain and Mr. Naweed Sharif, Group Head Corporate & Investment Banking. ***