Al-Jamaiya manages $750m loan for power project

Islamabad: The Al-Jamaiya Group, buyer of Karachi Electric Supply Corporation (KESC), has so far managed to arranged loans of $750 million. Talking to private TV channel, Geo, the KESC administrator Mohammed Amjad said the amount was spent on two powerhouses projects and issuance of priority shares to the government, adding these loans should be taken as investment from the owners.

He said the Al-Jamaiya Group, at the time of purchasing the institution, announced to invest $400 million in five years, which is still awaited.

It is worth mentioning that the government handed over the administrative control of the KESC to the Al-Jamaiya Group in December 2005, for improving the management of the institution to ensure better and effective power supply to Karachi.