Mobilink will hopefully get an amount of $70 million in form of term financing from Citibank. In this regard Citibank has arranged all necessary measures to release the finance. In the telecom sector Pakistan Mobile Communication Limited (PTML) is one of the pioneers and leading subscriber base will be the first private entrepreneur get the term financing facility from Citibank.
Actually OPIC is providing back support facility due to agreement of global risk participation between Citibank and OPIC. According to agreement Citibank will provide term financing facility to the emerging markets of the world including Pakistan.
Citibank Pakistan announces the first deal in this regard to represent the Mobilink. All arrangements has made under the global Citi-OPIC agreement. Under this perspective support facility of term financing will also offered to other sectors in Pakistan. Further discussing the approach of term finance facility will fulfil the need of business community in Pakistan to carry on their business operation in times of shortage of finance.
Citibank also get $30 million foreign funding and after having this fund can easily leverage its international network to generate DFI interest in private sector of Pakistan to provide credit. This is very important in time of international financing crisis and when global climate in unstable.
