Warid Telecom (Warid), fastest growing mobile cellular operator in Pakistan, signed a loan agreement for 500 million dollar to finance its nation wide EDGE-compliant mobile network expansion supplied by Ericsson in Pakistan.
The signing ceremony held in Abu Dhabi was attended by global executives of EKN, ABN Amro Bank N.V., Standard Chartered Bank PLC, Ericsson, and Warid Telecom.
The 500 million dollar loan mainly supported by Exportkreditnmnden (EKN) Sweden (Swedish Exports Guarantee Board), is structured as a buyer credit facility and arranged by ABN Amro Bank N.V. and Standard Chartered Bank PLC as Joint Lead Arrangers.
In addition, ABN Amro Bank N.V. is Facility Agent, EKN is agent, while Standard Chartered Bank PLC is Inter-creditor Agent. The disbursement of facility is subject to necessary approvals including approval from State Bank of Pakistan.
The loan will be utilised by Warid for financing its GSM network equipment supplied by Ericsson in 2006 and 2007. Ericsson has been key network equipment supplier for Warid. The financing will facilitate Warid's expansion plans and enhance its mobile network capacity. It will further enable it to leverage its strengths and take advantage of huge market potential and customer growth rates in Pakistan.