The Board of Directors (BoD) of International Finance Corporation (IFC), a member of the World Bank Group, has approved up to $400 million to Pakistan Telecommunication Company Limited (PTCL) for the purchase of Telenor Pakistan (Pvt.) Limited. The loan has been approved.
According to Business Recorder, this has been sent by PTCL to Pakistan Stock Exchange (PSX).
The notice issued by PTCL states that the Board of Directors of the International Finance Corporation (IFC) has approved a loan of up to $400 million to PTCL for the acquisition of Telenor Pakistan. .
Finalization of work streams for signing financing agreements with IFC is underway and expected to be completed on or before July 31, 2024, the company said.
Details of loan financing will be disclosed following finalizing the financing agreements, the statement added.