TPL Corporation, one of the largest parties in Pakistan serving in various fields such as real estate, security and insurance, has launched a multi-real estate project with Bank of Punjab (BOP). What is the financial agreement for the establishment? First technology park in Sindh, first Pakistan. LED Gold Certified Ultra Luxury Residential Project “One Housing” and TPL Properties planned an upcoming community masterplan and invested in the group’s subsidiaries.
An agreement in this regard was reached between the concerned parties at Center Point, TPL Headquarters, Karachi. Ali Jamil, CEO, TPL Corporation signed the agreement with Mr. Zafar Masood, President and CEO of BOP, and other senior members of both the 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 TPLP’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 – President & CEO BOP, added: “BOP 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 Bank’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 GOP’s Roshan Digital Accounts (RDAs), Kamyab Jawan, Punjab Rozgar and Kamyab Pakistan Schemes”.