03-Nov-2021

OLP Modaraba (formerly ORIX Modaraba) has facilitated the first transaction in Pakistan for implementing a project titled “Delivering the Transition to Energy Efficient Lightening in Residential, Commercial, Industrial, and Outdoor sectors in Pakistan”, together with United Nations Environment Programme (UNEP). The project is funded by Global Environment Facility (GEF).
The initial transaction is Islamic in nature, funded through a DM transaction, with partial risk coverage through a NEECA guarantee (funded through a UNEP facility).
The project is envisaged to have a huge impact on the environmental, social and economic aspects bringing about an estimated annual saving in energy of 2.3 million megawatts.
The MOU signing ceremony held between the financer Mr. Raheel Qamar Ahmad, MD & CEO OLP Modaraba formerly (ORIX Modaraba) and the borrower Mr. Asad Ahmad CEO Image Pakistan Limited and guarantor Dr. Sardar Mohazzam, MD Energy Conservation Fund (ECF) subsidiary of National Energy Efficiency & Conservation Authority (NEECA) held on Wednesday November 3, 2021 at Marriot Hotel Karachi.