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Access to local capital markets

Pakistan Expansion of mobile network to currently underserved areas Telecom
PCG BENEFICIARY: Standard Chartered Bank TENOR: 5 years

GuarantCo helped existing investors overcome their regulatory limits and also, by improving PMCL’s local credit rating from AA- to AAA, enabled new Islamic investors to invest. The Sukuk was structured as a “Service Ijara”, the first time this structure has been used in Pakistan.

Pakistan’s mobile phone sector is very competitive with low tariffs, leaving operators often reluctant to invest in new capacity. As Pakistan’s leading mobile phone operator, Mobilink is best equipped to incur considerable capital costs involved with rural expansion.