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EXIM Bank expresses interest in financing LNG projects

Exim-Bank

ISLAMABAD: The Export-Import (EXIM) Bank has expressed interest to invest in three liquefied natural gas (LNG) based power projects in Pakistan.

The power plant will be based in Balloki (Kasur), Bhikki (Sheikhupura) and Haveli Bahadur Shah (Jhang) in Punjab. These were approved by NEPRA in February 2016 without disclosing the project costs.

Vice President EXIM Bank Annette Maresh has expressed the interest to invest in a letter written to Finance Minister Ishaq Dar.

A statement from the Minister of Finance said that Chairman EXIM Bank Mr. Fred Hochber had visited Pakistan last month. He was given a detailed briefing on various projects where it could invest.

Therefore, the bank has now expressed an interest in providing financing for the LNG based power projects. It  has also offered multiple financing options for consideration to the Pakistan government.

EXIM Bank is based in Washington D.C. and is the official export credit agency of the US government. It operates as a corporation and finances and insures foreign purchases for American goods who are unwilling to accept credit risk.

It does not compete with private sector lenders but provides financing for transactions that would  not take place because commercial lenders are either unable or unwilling to accept the political or commercial risks in the deal.

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