Metro project to get 64 new buses

LAHORE:A syndicate of banks led by the Bank of Punjab as mandated lead adviser and arranger signed a financing agreement of Rs2.6 billion with the VEDA Transit Solutions for provision of 64 new environment friendly buses to Lahore Metro Bus.

The other banks included in the syndicates are Samba Bank Limited, Askari Bank Limited, Bank Alfalah Limited and JS Bank Limited. These banks acted as co-arrangers for the transaction.

Director VEDA Muhammad Ammar Khan and head of Investment Bank of Punjab Rizwan Hameed signed the financing agreement in the presence of Minister for Transport Jehanzeb Khan Khichi at a ceremony here on Tuesday. Speaking on the occasion, Jehanzeb Khan Khichi said that the Punjab government will take every step to ease the difficulties of general public, especially in the provision of public transport service. Lahore Metro Bus is a vital infrastructure project of the city and over time it has turned out to be the backbone of the transportation network of the city. The project has not only provided affordable and reliable mass transit to the city residents but has also eased traffic congestion and resulting in reducing the pollution, the minister said. Director VEDA Muhammad Ammar said VEDA commenced its operations in 2017, initially as a joint venture between Raaziq Group, Transit Associated and Pakistan Catalyst Fund (JS Bank + USAID) for operating Multan Metro Bus Feeder Project. Over the years, VEDA has gained expertise of operating metro buses and will now be managing Lahore Metro Bus Service for next 8 years, he said. As a local national company, VEDA aims to continue contributing to the economy as the project is expected to create 500 permanent jobs for the local community. The project is expected to create overall savings of Rs2 billion resulting from improved costing and foreign exchange variation, which will be reinvested into country’s economy, he said.