ADB to finance $86.2m for Pakistan’s SAF plant

The Asian Development Bank (ADB) and SAFCO Venture Holdings Limited (SAFCO) signed a landmark $86.2 million financing package to finance the construction and operation of a Sustainable Aviation Fuel (SAF) facility in Sheikhupur, Pakistan, the first private sector-led SAF initiative in Asia and the Pacific.

The financing consists of $41.2 million from ADB’s Ordinary Capital Resources (OCR) and a $45 million syndicated loan, including a Category B loan from the Emerging Africa and Asia Infrastructure Fund (EAIF). The Emerging Africa and Asia Infrastructure Fund (EAIAF) is PIDG’s emerging markets infrastructure debt fund managed by NinetyOne and ILX, an Amsterdam-based emerging markets asset manager specialising in the Sustainable Development Goals (SDGs) and climate private debt strategies. The International Finance Corporation (IFC) provided a syndicated parallel loan. ADB acted as lender of record for the category B loan and served as the trustee lead arranger and bookrunner for the financing programme.