MTC Advises Financial Institutions for First PPP Water Supply Project in Sindh
The Firm represented Meezan Bank Limited and other financial institutions (as lenders) in financing availed by Enertech Water (Private) Limited. The transaction involves a syndicated local currency project financing facility based on the Islamic mode of financing, for the development of a 45 cusec water supply arrangement from Nabisar to Vajihar to facilitate water supply to the industrial users in Thar, Sindh. The project is the first water supply project under a public-private-partnership concession arrangement in Sindh. The Firm’s scope of work includes full scope lender side advisory; including without limitation:
- transaction structuring;
- identifying and evaluating key legal risks/red-flags;
- advising on regulatory framework / approvals and foreign exchange control regime;
- drafting the suite of local law financing documents;
- advising on conditions precedent and transaction closing.
The transaction was valued at PKR 25,500,000,000/- (Pak Rupees Twenty Five Billion Five Hundred Million). MTC’s team for this matter included Salman Rahim, Partner, Hamza N. Shaikh, Associate Partner, Haya Iftikhar, Senior Associate, and Hussain Azam Cheema, Associate.