The short-term facility for 300 million US dollars made available to the Government of Pakistan has been arranged and fully funded by United Bank Limited (UBL)–the worldwide banking group headquartered in Pakistan–through its UAE and Bahrain branches, according to a statement released by the bank.
International assets exceeding USD 2.4 billion make UBL one of the most prominent Pakistani banks with an international footprint. This agreement reconfirms UBL’s endeavor to deliver thoroughly integrated and trustworthy solutions to its clients, and abroad. It has a well-established history of executing complex, high-value transactions very successfully.
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The transaction meets the external financing needs of Pakistan, in line with the country’s commitments to the International Monetary Fund (IMF).
“As Pakistan continues to improve,” the statement added, “UBL has reinforced its position as a trusted partner to sustainable economic growth by setting the highest standards of service and innovation.”
This commercial loan was at an interest rate of 7.2 and 7.7 percent for the federal government.