HBL Signs $500m Pact With Chinese Bank

Habib Bank Limited (HBL) and the China Development Bank (CDB) signed a $500 million accord, the first such agreement between a Chinese and a Pakistani bank under which medium- and long-term foreign currency financing will be provided to a local financial institution. Under the agreement, the CDB will provide $300m to HBL for long-term financing of energy projects in Pakistan and $200m for offshore working capital financing needs.