InfraZamin Pakistan, in partnership with Infralectric, DIB Pakistan Limited, Bank Alfalah Limited, and Meezan Bank Limited, announced the launch of Pakistan’s first-ever PKR 3 billion, ‘AAA’ Rated, Green Sukuk for the telecom sector. This landmark transaction aims to finance a significant deployment of lithium-ion Battery Energy Storage Systems and solar solutions for telecom tower infrastructure nationwide.

Maheen Rahman, CEO of InfraZamin Pakistan, emphasised the role of innovative credit enhancements in unlocking capital markets for green infrastructure. Bilal Qureshi, CEO of Infralectric, noted the transaction’s potential to accelerate energy transition and improve the telecom network’s resilience.

Muhammad Ali Gulfaraz, CEO of DIB Pakistan, highlighted the agreement as pivotal for the country’s green transition. Atif Bajwa, CEO of Bank Alfalah, and Syed Tanveer Hussain, COO of Meezan Bank, also praised the initiative for its focus on sustainability and operational efficiency in the telecom sector.

As Pakistan’s telecom sector, serving about 190 million subscribers, remains heavily reliant on diesel generators, this transaction aims to facilitate cleaner energy solutions and reduce carbon emissions.

In addition to InfraZamin Pakistan as Guarantor, Infralectric Private Limited as Issuer, and DIB Pakistan Limited, as Lead Arranger, the transaction has been supported by Bank Alfalah Limited as Joint Lead Arranger, Meezan Bank Limited as LC (Import) Bank, BankIslami Pakistan Limited as Investment Agent, DIB PF, DIB GF, Alfalah Asset Management Limited and NBP Fund Management Limited as investors, Ahmed & Qazi as Investor’s Legal Counsel, HP | FKM as Issuer’s Legal Counsel, Al Hilal as Shariah Advisor, Pakistan Environment Trust (PET) as Green Bond Consultant, and Pakistan Credit Rating Agency (PACRA) as Rating Agency.