Pakistan on Wednesday signed $1 billion financing for a five-year multi-tranche facility with the Asian Development Bank (ADB).

“The Ministry of Finance has signed a syndicated term finance facility of $1,000 million partially guaranteed by a Policy-Based Guarantee of the ADB Programme ‘Improved Resource Mobilisation & Utilisation Reform’,” according to a press release.

The press release said that the Dubai Islamic Bank acted as the Sole Islamic Global Coordinator while Standard Chartered Bank was the Mandated Lead Arranger and Bookrunners.

Other financiers include Abu Dhabi Islamic Bank as the Mandated Lead Arranger and Sharjah Islamic Bank, Ajman Bank and HBL as Arrangers, it added.

“The facility is a........

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