TPL Corp and Bank of Punjab Ink Long-term Investment Financing & Construction Loan
TPL Corp, one of Pakistan’s leading conglomerates serving diverse fields like Real Estate, Security and Insurance amongst numerous others, has inked an agreement with Bank of Punjab (BoP) to finance the establishment of multiple real estate projects including Sindhâ€™s first Technology Park, Pakistanâ€™s first Gold LEED certified ultra-luxurious residential project â€œOne Hoshangâ€ and TPL Properties upcoming master planned community project & investment in group subsidiaries.
An agreement to this effect was signed on at Centrepoint, TPL’s Head office in Karachi between the respective parties. Ali Jameel, CEO, TPL Corp signed the agreement with Mr. Zafar Masud â€“ President & CEO BOP, while other senior members from both teams were also present.
Pakistan has been cementing its position globally as one of the largest exporters of tech services in the Asian region. The country has enormous potential but at the same time a significant lack of relevant resources makes it difficult for many individuals as well as organizations to excel in their respective fields. TPL Corp aims to change this by building the first ever IT Park in the province of Sindh. A 10,002 square yard plot has been acquired for the purpose and Bank of Punjab has extended financing for the project. BoP has approved a total of PKR 4.5 billion which will be utilized to fund development of the Technology Park as well as One Hoshang and will also allow land acquisition for TPLPâ€™s upcoming master planned community project. Moreover, the amount will also be used to invest in TPL subsidiaries for future growth opportunities.
Speaking on the occasion, Ali Jameel, CEO, TPL Corp stated; “The potential of this country with respects to digital services and information technology is quite promising. With effective orientation, this industry can excel taking the country towards new heights. At TPL, we aim to provide not just our customers but the nation in general with the opportunities it needs to broaden its horizons and achieve excellence through a variety of mediums. We are grateful to Bank of Punjab for extending their support to us for this project as it has taken us a step closer to making our vision a reality.”
Further commenting on the development, Mr. Zafar Masud â€“ President & CEO BOP, added: â€œBOP is extremely pleased to have acted as the Lead Advisor and Arranger of PKR 4,575 million facility for development of housing and state of the art technology park projects of TPL Group. These transactions, exclusively led by BOP, are a testimony of the Bankâ€™s commitment towards construction led growth of the country. We strongly believe that by unleashing the vast potential of this sector, the allied industries and entire supply chain will initiate a new era of economic development. BOP and TPL Group are also looking to collaborate in provision of agricultural financing and in promoting GOPâ€™s Roshan Digital Accounts (RDAs), Kamyab Jawan, Punjab Rozgar and Kamyab Pakistan Schemesâ€.