A consortium of banks, led by The Bank of Punjab and InfraZamin Pakistan Limited, has secured a PKR 4.76 billion Islamic Syndicated Term Finance Facility for Air Link Communication Limited and Select Technologies Limited.

The financing consortium includes Askari Bank, BankIslami Pakistan, and Pak China Investment Company, with InfraZamin providing a PKR 3.57 billion credit guarantee. This financing will support the expansion of modern manufacturing facilities at the Sundar Green Special Economic Zone, boosting local production of smartphones and consumer electronics, and contributing to Pakistan’s industrialization.

The project aims to manufacture over one million affordable smartphones annually and create around 450 direct jobs, with 25%–30% reserved for women. Air Link and Select Technologies focus on manufacturing and distributing mobile phones and consumer appliances, partnering with global brands like Xiaomi and Hisense.

The financing also includes plans for a 1 MW solar power plant to reduce carbon emissions. Muzzaffar Hayat Piracha, CEO of Air Link, highlighted the financing’s role in advancing the ‘Made in Pakistan’ agenda and creating job opportunities.

Maheen Rahman, CEO of InfraZamin, emphasized the partnership’s impact on local manufacturing and job creation. Muhammad Mateen Farooq from The Bank of Punjab noted the significance of the transaction to all stakeholders involved.