K-Electric, OPIC sign $250m loan agreement

ISLAMABAD: K-Electric Limited and the US Overseas Private Investment Corporation (OPIC) executed a commitment letter for a $250-million, 10-year financing project.

The signing ceremony was held at the US Chamber of Commerce and witnessed by Finance Minister Mohammad Ishaq Dar who is visiting the US along with Prime Minister Nawaz Sharif, said a press released from Washington DC on Thursday.

The OPIC loan, which has been facilitated by Citi Bank, will be used by K-Electric to undertake a comprehensive and transformative upgrade of the K-Electric power grid. It is expected that the K-Electric grid strengthening project will significantly improve the reliability, stability and efficiency of the K-Electric power network and increase transmission system capacity by 33% (up to 1,000MVA), thereby allowing it to deliver more electricity to customers.


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