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UAE Banks Raise $350 Million For Pakistan

Ajman Bank and Commercial Bank of Dubai will raise $ 350 million (Dh1.28 billion) in syndicated financing from Murabaha for the government of Pakistan.

The two UAE banks acted as lead organizers and authorized book brokers for the facility on behalf of the Pakistani Ministry of Finance. Shariah-compliant Ajman Bank also acted as investment broker for the facility.

First mandate to raise $200 million, the syndication capability was oversubscribed further 75 per cent, compelled by strong demand from local, regional and international investors. The transaction remained fully subscribed by 12 banks, a statement said.

The vigorous investor response reaffirms investor confidence in Pakistan’s potential, supported by ongoing structural adjustments and continued investments in the country’s physical infrastructure.

Recently, the Federal Cabinet approved the launch of Euro Bond and Sukuk to generate $ 3.5 billion during the current fiscal year. Islamabad aims to seek maximum fundraising due to low interest rates and strong appetite from international investors.

According to the statement, the additional financial institutions from the GCC that contributed in the transaction contain Gulf International Bank, The Arab Investment Company, Islamic Corporation for the Development of the Private Sector (ICD) and the United Arab Bank.

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