The Bank of Punjab (BOP) has successfully secured a Foreign Currency (FCY) On-lending Facility worth USD 54.2 million from Agence Française de Développement (AFD), the French state development finance agency. This credit facility is earmarked for lending towards climate adaptation and mitigation projects in Pakistan, marking a significant step in the country’s efforts to address climate change.
In addition to the credit facility, AFD has also extended a grant of EUR 675,000 to BOP, aimed at supporting a technical assistance program. This collaboration marks the first FCY facility arranged by a Pakistani commercial bank specifically for climate financing and the first-ever partnership between AFD and a Pakistani bank.
A signing ceremony to commemorate the close of the agreements took place at AFD’s head office in Paris. The agreements were signed by Cyrille Bellier, AFD Director for Europe, Middle East & Asia, and Umer Khan, Head of Investment Banking at BOP, in the presence of Muhammad Naeem Javid, CFA, Head of Project Finance at BOP, and other senior representatives from AFD.
