The Pakistani mobile network and internet services company, Jazz, has recently secured a PKR 50 billion credit facility through a banking consortium that was led by HBL. This facility will be used by the company for upgrading technology and for financing the company’s 4G rollouts. The facility has been initiated in Pakistan for the first time. Moreover, it is fully subscribed by HBL who is not only the consortium’s investment agent but also the lead arranger.
There are several other banks whose names are also included in the deal. These include United Bank Limited, National Bank of Pakistan, MCB Bank, Bank Alfalah, Allied Bank Limited, Askari Bank Limited, Bank of Punjab, Meezan Bank Limited, and Faysal Bank Limited. Jazz has immensely expanded its operations in the last couple of years. Today, Jazz provides services to over 69 million subscribers out of 28 million who use 4G. The company has been involved in 4G infrastructure projects and has invested over USD 462 million on 4G infrastructure.
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The CFO Jazz, Gabor Kocsis, remarked at the company milestone saying,
“We continue to drive the digital Pakistan agenda by improving digital infrastructure, bridging the digital divide and focusing on financial inclusion. We are enabling societies by investing in entrepreneurship, digital skills and literacy. This facility is an integral step towards ensuring that people are not bound by the limitations of geography, gender, or socioeconomic background, in harnessing the power of the internet. A transaction of this size is a testament to the trust the financial community has on Jazz’s strong financial profile and its leadership position in the telecom industry,”
The President & CEO – HBL, Muhammad Aurangzeb, also expressed his delight at the occasion at said that HBL was pleased to have completed this transaction with Pakistan’s leading mobile operator.
“HBL has a long-standing relationship with Jazz spanning more than two decades. For the Bank, such transactions serve HBL’s strategic priority of supporting the promotion of digitalization across the country, while underscoring HBL’s commitment to stand by the robust and progressive telecom sector of Pakistan,” he added.
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