Infrastructure Project Finance

Report
INFRASTRUCTURE PROJECT FINANCE
(IPF) GUIDELINES AND REGULATIONS
Infrastructure, Housing & SME Finance Department
Infrastructure Financing – SBP Efforts
Revision in Guidelines
 Infrastructure Finance Task Force
 Facilitation in establishment of IDFI
 Capacity Building
 Consultative Group
 Infrastructure Finance Review

Project & Structured Finance
2
INFRASTRUCTURE DEVELOPMENT AND FINANCING INSTITUTION (IDFI)

Need
Asset / Liability mismatch in banks/DFIs as most of the deposits are of short tenor.
 Sustainable development in infrastructure sector, banks/DFIs need risk sharing
mechanism.
 Reduced reliance on foreign currency funding decreases the risk of exchange rate
exposure and has positive impact on Balance of Payments
 Unsymmetrical infrastructure growth in relation to economic growth


IDFI will perform a broad array of activities:
•
•
•
•
•
•
•
•
•
Project Development – need identification, conceptualization, pre-feasibility reports,
commercial viability aspects, identification of potential investors
Use of innovative structural / financial techniques to enhance project viability
Evaluate infrastructure projects for potential investment
Project Finance – equity participation, loan syndication, other services
Facilitate access to Viability Gap Fund
Tariff and other advisory services
Facilitate co-ordination of project sponsors with relevant ministries and government
departments
Performance Monitoring
May help government in PPP policy formulation
INFRASTRUCTURE DEVELOPMENT AND FINANCING INSTITUTION (IDFI)

Primary focus will be on:
 Power Sector
 Special Economic Zones
 Agricultural Infrastructure including warehousing,
cold chains etc.

Other sectors like road, railway and port etc. would
also be considered later on subject to capacity
enhancement

Long term funding mechanism to develop a financial
climate conducive to large scale infrastructure
projects
IDFI Scope and Structure
• Proposed IDFI to be established as a special DFI with suggested
Equity Distribution as follows:
- Banks/DFIs - 25%
- GoP or government organizations - 25%
- Multilateral Agencies - 50%
• The company will issue long term papers/Bonds/Sukuk to generate
funds from local market and also seek funded and guarantee lines
from international MLAs to support/finance infrastructure projects in
Pakistan. By issuing bonds/Sukuk, it would help develop capital
market.
SBP Guidelines/Regulatory Framework - History

Relaxation in Prudential Regulations for Infrastructure Project Financing (IPF) vide BPD Circular
No.25 dated July 04, 2003 (http://www.sbp.org.pk/bpd/2003/C25.htm).
 Debt equity relaxed to 80:20 for the Infrastructure projects
 “Concession Agreement/License/Right of Way” issued by Government accepted as a collateral

Guidelines For Infrastructure Project Financing (IPF) shared for consultation purposes vide BPD
Circular No.25 of July 23, 2005 (http://www.sbp.org.pk/bpd/2005/C23.htm)

Updated IPF Guidelines in August 31, 2010 vide No. IHFD/11 /191/ 2010. The salient features of
the revised guidelines: Includes the requirement for establishing a mechanism for generating feasibility reports and
assessing risk mitigation means in the development, construction, start-up and operation
stages of the project.
 Banks and DFIs to establish a proper process for the continuous monitoring of project
implementation to ensure proper utilization of the credit while relevant bank accounts will be
subject to audit by the SBP.
 Banks and DFIs encouraged to accept Concession Agreement/Licence issued by a government
agency as collateral.
 The institutions to ensure adequate insurance coverage against all potential risks applicable to
the project.
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 At no point shall the bank’s exposure to the risk exceed the bank’s equity, and the exposure
availed by any borrower shall also not exceed 10 times the borrower’s equity.
SBP Guidelines – Areas Covered
Part-A: DEFINITIONS
Part-B: GUIDELINES
G.1: Credit Appraisal
G.1.1 : Minimum Information Requirements
G.1.2 : Assessment of Infrastructure Projects
G.1.3 : Monitoring of Infrastructure Projects
G.2: Collateral Arrangements, Security Package And Project Insurance
G.2.1 : Acceptance of Concession/License as Collateral
G.2.2 : Security Package
G.2.3 : Project Insurance
G.3: Regulatory Compliance
G.3.1 : Exposure Limit
G.3.2 : Debt-Equity
G.3.3 : Funding of Infrastructure Projects
G.3.4 : Provisioning Requirements
Part-C : Annexes
Annex A - IPF: Checklist for Minimum Information Requirements
Annex B - IPF: Provisioning Requirements
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SBP Guidelines- What is an Infrastructure?
Infrastructure Project means one of the followings:
a) A road, including toll road, fly over, bridge project.
b) A mass transit, urban bus, urban rail project.
c) A rail-bed, stations system, rail freight, passenger services project.
d) A telecommunication local services, long distance and value added project.
e) A power generation project.
f) A power transmission or distribution project by laying a network of new
transmission or distribution lines.
g) A natural gas exploration and distribution project.
h) An LPG extraction, distribution and marketing project.
i) An LPG import terminal, distribution and marketing project.
j) An LNG (Liquefied Natural Gas) terminal, distribution and marketing project.
k) A water supply, irrigation, water treatment system, sanitation and sewerage
system or solid waste management system project.
l) A dam, barrage, canal project.
m) A primary and secondary irrigation, tertiary (on-farm) irrigation project.
n) A port, channel dredging, shipping, inland waterway, container terminals
project.
o) An airport.
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p) A petroleum extraction, refinery, pipeline project.
q) Any other infrastructure project of similar nature, notified by SBP.
SBP Guidelines- Credit Appraisal
G.1 – CREDIT APPRAISAL

G.1.1: Minimum Information Requirements
i.
Project Description
ii.
Capital Investment
iii.
Project Schedules
iv.
Environmental Impact
v.
Financing
vi.
Legal Documentation
9
SBP Guidelines –G.1 (contd . . .)

G 1.2 : Assessment of Infrastructure Projects
– Development Phase – should be preferably funded through
equity
– Construction & Start-up Phase – Assessment of physical and
financial completion of infrastructure projects. Some
important tools used for completion risk mitigation are:

Project Funds Agreement

Financial Completion Agreement

Insurance
[Ongoing construction period monitoring through:
i.
Technical advisor, via milestone certifications and site visits
10
SBP Guidelines –G.1 (contd . . .)
Keeping the financial model live during the construction
period; and
iii. Monitoring of project accounts for disbursements and
payments of project expenses]
– Operation Phase – Entails monitoring of:
i.
Assignment of project receivables and damages
ii.
Continuous presence of valid security arrangement
iii.
Debt repayment and project’s escrow accounts
iv.
Financial covenants for debt repayment
v.
Technical monitoring during operations and
construction phases
ii.
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SBP Guidelines –G.1 (contd . . .)

G.1.3 : Monitoring of Infrastructure Projects

Monitoring for assignment of Project Receivables and
Payments for Damages.

Monitoring for ensuring enforcement of Security

Projects escrow accounts for Monitoring of Repayment of
Debt.

Financial Covenants for Repayment of Debt.

Technical Monitoring during Development and Operation
Phase.
12
SBP Guidelines- G.2
G.2 – COLLATERAL ARRANGEMENT, SECURITY PACKAGE & PROJECT INSURANCE

G.2.1:
Acceptance
of
Concession/license
as
collateral
–
encumbrance free, assignable, transferable in the event of default

G.2.2: Security Package –
–
Primary Security – first charge over project receivables and
accounts
–
Secondary Security – standard security package of the lenders
including hypothecation, mortgage, insurance assignment, share
pledge, assignment over rights under all project documents etc

G.2.3: Project Insurances - construction all risks, third party liability,
marine, accidental, loss of profit, terrorism insurance etc.
13
SBP Guidelines- G.3
G.3 – REGULATORY COMPLIANCE

G.3.1: Exposure Limit – per party exposure (as per regulation R-1
of Corporate Banking PRs), total bank exposure to project finance assets
(not to exceed the bank’s equity) fund and non-fund based exposures

G.3.3: Funding of Infrastructure Projects –
–
Loan duration – up to 20 years (excluding grace period)
–
Asset Liability Management – interest rate and liquidity risk
management
–
Arrangement of Long-term Funding – churning more IPF assets
using securitization

G.3.4:Classification and Provisioning Requirements – 14
Annex IV of R8
IPF Guidelines - Minimum Information Requirements
IPF: Checklist For Minimum Information Requirements
1. Project Description
• Description of Product/ Service, Capacity of Project, Proposed ownership structure and sponsor
information
• Legal status of project and status of government approvals (including government’s and/or local
authorities’ attitude toward the Project, exemptions/advantages to be enjoyed by the Project, licenses
and permissions required, and proposed measures/actions that could affect the Project).
• Project’s anticipated economic contributions (e.g. in the generation of foreign exchange, employment,
technology transfer etc.)
2. Capital Investment
Project site, Legal agreements for land use rights, Civil works and buildings, Major and auxiliary equipment,
Project Management, Pre-operating requirements and costs, Contingencies (physical) and escalations
(financial), Initial working capital requirements, Contracting and purchasing procedures to be used,
Local/foreign manpower and technical expertise required at the planning stage.
3. Project Schedules
Construction, startup, operations, Expenditures, Funding (including timing of funds needed during
project implementation), Regulatory compliance
15
IPF Guidelines- Minimum Information Requirements (Cntd..)
4. Environment Impact
(Description of environment impact, Health and safety issues)
5. Financing
 Total cost of project (including details on major items of fixed assets and working capital)
 Background statement on all sponsors and participants, showing their financial or other
interest in the project construction, operations, and marketing
 Capital structure
Proposed debt/equity structure, Equity (Shareholder structure, Long term plans (stay
private/go public, Quasi-equity (subordinated debt), Debt (Long-term debt/working capital
loan, Domestic/foreign, Desired terms and conditions, Funding sources already identified),
Overrun/standby arrangements
 Financial Projections
(Projected financial statements including cash flows , Clear statement of all assumptions ,
Sensitivity analyses under different scenarios like interest rate risk etc., Net Present Value
(NPV), Internal Rate of Return (IRR) and payback period of the project).
6. Legal Documentation
Joint venture agreements (if applicable), Articles of association, Government approval
documents/concession/business license, Land certificate/red line map, Mortgages, if any, Loan
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agreements, Major contracts including (EPC Contract, Off-take agreements , Supply
agreements , Technical assistance agreement , Operation and Maintenance agreement ,
Insurance Policies)
PR R-1: Limit on Exposure to a Single Person/Group
1. The total outstanding exposure (fund based and non-fund based) by a
bank/DFI to any single person shall not at any point in time exceed 30% of
the bank’s/DFI’s equity as disclosed in the latest audited financial
statements, subject to the condition that the maximum outstanding
against fund based exposure does not exceed 20% of the bank’s/DFI’s
equity.
2. The total outstanding exposure (fund based and non-fund based) by a
bank/DFI to any group shall not exceed 50% of the bank’s/DFI’s equity as
disclosed in the latest audited financial statements, subject to the
condition that the maximum outstanding against fund based exposure
does not exceed 35% of the bank’s/DFI’s equity.
3. Limit on exposure (as a % of equity as disclosed in the latest audited
financial statements) to a single person/Group effective from 31-12-2009
and onward would be as under:
4. The group will cover both corporate entities as well as SMEs, in cases
where such entities are owned by the same group.
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PR R-1: Limit on Exposure to a Single Person/Group
5. For the purpose of this regulation banks/DFIs are required to follow the
guidelines given at Annexure-I.
Effective Date
For Single Person
For Group
Total O/S (Fund
& Non Fund
Based)
exposure limit
Fund based O/S
Limit
Total O/S (Fund
& Non Fund
Based)
exposure limit
Fund based O/S
Limit
31-12-2009
30
20
45
35
31-12-2010
30
20
40
35
31-12-2011
30
20
35
30
31-12-2012
30
20
30
25
31-12-2013
25
25
25
25
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Annexure I Pertaining to R-1
In arriving at exposure under Regulation R-1:
A. 100% of the deposits placed with lending bank/DFI, under perfected lien and in the
same currency, as that of the loan, shall be excluded.
B. 90% of the following shall be deducted;
1. deposits placed with the lending bank/DFI, under perfected lien, in a currency
other than that of the loan;
2. deposits with another bank/DFI under perfected lien;
3. encashment value of Federal Investment Bonds, Pakistan Investment Bonds,
Treasury Bills and National Saving Scheme securities, lodged by the borrower
as collateral; and
4. Pak. Rupee equivalent of face value of Special US Dollar Bonds converted at
inter-bank rate, lodged by the borrower as collateral.
C. 85% of the unconditional financial guarantees accepted as collateral and payable
on demand by banks/DFIs, rated at least ‘A’ or equivalent by a credit rating agency
on the approved panel of State Bank of Pakistan, Standard & Poors, Moody, Fitch
Ibca or Japan Credit Rating Agency (JCRA) shall be deducted. Similar weightage to
guarantees issued by the International Finance Corporation (IFC), Commonwealth
Development Corporation (CDC) Deutsche Investions and ntwicklungsgesellschaft
nbH (DEG), Netherland Financierings Maatschappijvoor Ontwikklelingslanden N.V
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(FMO) and Asian Development Bank (ADB) shall also apply.
Annexure I Pertaining to R-1
In arriving at exposure under Regulation R-1:
D. 50% of listed Term Finance Certificates held as security with duly marked
lien shall be deducted. The TFCs to qualify for this purpose should have
been rated at least ‘A’ or equivalent by a credit rating agency on the
approved panel of State Bank of Pakistan.
E. Weightage of 50% shall be given to;
i) documentary credits (except Standby Letter of Credits where 100%
exposure would be counted) opened by banks/DFIs;
ii) guarantees/bonds other than financial guarantees;
iii) underwriting commitments.
F.
The following different weight ages will be applicable to exposure taken
against commercial banks/DFIs in respect of placements;
1. 10% weight age on exposure to banks/DFIs with ‘AAA’ rating.
2. 25% weightage on exposure to banks/DFIs rated ‘A' and above.
3. 50% weightage on exposure to banks /DFIs rated ‘BBB’ and above.
The banks/DFIs shall, however, ensure that the overall limit for each financial
institution in respect of inter-bank placements is invariably approved by their
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Board of Directors.
Annexure I Pertaining to R-1 (CTD..)
2. For the purpose of this regulation, exposure shall not include the following:
1. Loans and advances (including bills purchased and discounted) given to
the Federal Government or any of their agencies under the commodity
operations program of the Federal Government, or guaranteed by the
Federal Government.
2. Obligations under letters of credit and letters of guarantee to the extent
of cash margin held by the bank/DFI.
3. Letters of credit, which do not create any obligation on the part of the
bank/DFI (no liability L/C) to make payments on account of imports.
4. Letters of credit opened on behalf of Federal Government where
payment is guaranteed by State Bank of Pakistan/Federal Government.
5. Facilities provided to commercial banks/DFIs through REPO transactions
with underlying SLR eligible securities.
6. Pre-shipment/post-shipment credit provided to finance exports of goods
covered by letter of credit/firm contracts including financing provided
from the bank’s /DFI’s own resources.
7. Letters of credit established for the import of plant and machinery.
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PR: R-8 Annex IV (Classification & Provisioning)
Classification
Determinant
Treatment of Income
Provisions to be Made
Substand
ard
Where
markup/
interest or principal is
overdue by 90 days or
more from the due
date.
Unrealized mark-up /interest to be
kept in Memorandum Account and
not to be credited to Income
Account except when realized in
cash. Unrealized mark up/interest
already taken to income account to
be reversed and kept
in
Memorandum Account.
Provision of 25% of the difference resulting
from the outstanding balance of principal less the
amount of liquid assets realizable without
recourse to a Court of Law and 40% of the Forced
Sale Value (FSV) of pledged stocks and mortgaged
residential, commercial and industrial properties
(see Note 2 below).
Doubtful
Where
markup/
interest or principal is
overdue by 180 days or
more from the due
date.
As above
Provision of 50% of the difference resulting from the
outstanding balance of principal less the amount of
liquid assets realizable without recourse to a Court of
Law and 40% of the Forced Sale Value (FSV) of
pledged stocks and mortgaged residential, commercial
and industrial properties (see Note 2 below).
Loss
a) Where
markup/
interest or principal
is overdue by one
year or more from
the due date
As above
b) Where Trade Bills
(Import/Export or
Inland Bills)
are
not paid/adjusted
within 180 days of
the due date.
As above
Provision of 100% of the difference resulting from the
outstanding balance of principal less the amount of
liquid assets realizable without recourse to a Court of
Law and 40% of the Forced Sale Value (FSV) of
pledged stocks and mortgaged residential commercial
and industrial properties (see Note 2 below). Benefit
of FSV against NPLs shall not be available after 3 years
from the date of classification of the Loan/Advance.
However, the 40% benefit of FSV of land (open plot
and separate valuation of
land if building is
constructed) shall be available for 4 years from the
date of classification of loan.
As above.
Notes :
1. Classified loans/advances that have been guaranteed by the Government would not require provisioning, however, mark up/interest on such
accounts to be taken to Memorandum Account instead of Income Account.
2. FSV shall be determined in accordance with the guidelines contained in Annexure-V to these Regulations.
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FAQs: (CLASSIFICATION AND PROVISIONING FOR ASSETS)
1. Can a rescheduled/restructured loan be reported as non-performing in the CIB reports submitted to the
State Bank of Pakistan?
No, such loans may not be reported as non-performing to the SBP. They should be reported as restructured/
rescheduled.
2. Can a loan be de-classified after its restructuring/rescheduling?
A loan cannot be declassified right after rescheduling/restructuring, unless the terms and conditions are fully
met for a period of minimum one year (excluding grace period, if any), and at least 10% of the outstanding
amount is recovered in cash. However, the condition of one year retention period, prescribed above, will be
waived in case the borrower adjusts at least 50% of the total restructured loan amount (principal + mark-up)
in cash, either at the time of restructuring agreement or later-on.
3. Can a bank/DFI reverse the provision already held against restructured/rescheduled account before or after
its declassification?
In case of restructured/rescheduled accounts, the bank/DFI may reverse the provision already held to the
extent of cash recovery, subject to the condition that the remaining outstanding should be provided to the
extent as required by the category of classification in which the restructured/rescheduled loan actually
appeared, till the time of declassification of the loan account. After declassification of the restructured/
rescheduled account as per criteria laid down in Para 3 of Regulation R-8, the bank/DFI may reverse the
available provision up to 100% of its value if the bank/DFI deems such reversal advisable. The advisability of
an outright reversal of available provision at the time of declassification of a restructured account, is
necessary to be seen by the bank/DFI, so that at a later stage, when a declassified account is again classified
in the old category due to non-compliance of the terms by the borrower, then a significant amount of
provisions may be required, resultantly causing a big dent in the profitability of the bank for that year. Thus,
the banks/DFIs may find it advisable to go for reversal of the available provisions in parts.
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FAQs: (CLASSIFICATION AND PROVISIONING FOR ASSETS) CTD…..
4. Can a bank/DFI reverse the unrealized mark-up lying in Suspense Account, accrued on a
restructured/rescheduled account before or after declassification?
A bank/DFI cannot reverse the unrealized mark-up lying in Suspense Account accrued on a
restructured/rescheduled account till its declassification, except the portion of suspended
mark-up which is realized by the bank/DFI in cash. Whereas, after declassification of the
restructured/rescheduled account, the suspended mark-up may be reversed by the bank/DFI,
provided at least 50% of the total suspended mark-up is recovered by the bank/DFI.
5. How a loan may be declassified?
A loan may be declassified in the following two ways:
If the bank has received overdue principal and mark-up on a restructured/rescheduled
account, then such loan will be declassified after meeting all conditions as stipulated in Para 3
of Regulation R-8 of PRs for Corporate and Commercial Banking.
If the account is not a restructured/rescheduled one, then recovery of 100% overdue principal
and mark-up may justify its declassification.
6. What is the valuation process for the purpose of assessing the FSV of the eligible securities for
provisioning benefit?
The banks/DFIs will be required to get a Full Scope Valuation once in three years. After the Full
Scope Valuation, the banks/DFIs will get two ‘Desktop Valuations’ in the next two years.
7. Is there any restriction on the valuers in respect of the number of valuations undertaken by
them?
Yes, evaluators on the panel of Pakistan Banks Association (PBA) will be eligible to conduct only
24
two Full Scope valuations of a company consecutively; as such the companies being evaluated
will be required to change its evaluator after two consecutive Full Scope valuations.
FAQs: (CLASSIFICATION AND PROVISIONING FOR ASSETS) CTD…..
8. Will a fresh finance, allowed to a company at the time of restructuring/rescheduling of an old loan,
also be classified in the category as the old restructured/rescheduled loan appears?
The fresh loan may be monitored separately and will be subject to classification on the strength
of its own specific terms and conditions.
9. Which assets can be taken for provisioning benefit while calculating the amount of required provision
against classified loans?
For the purpose of provisioning benefit, the banks/DFIs may consider (i) liquid assets (at its full value
without any discounting/adjustment factors), (ii) pledged goods (at its FSV after applying adjustment
factors on the valuation which should not be older than one year), (iii) land and building (at its FSV after
applying adjustment factors), and (iv) plant and machinery (at its FSV after applying both adjustment and
discounting factors). Whereas, the hypothecated goods and fixed assets with 2nd charge will not be
allowed for provisioning benefit.
10. What is Desktop valuation? Define it.
Desk top valuation is “an Interim Brief Review of Full-scope Evaluation, so that any significant change in
the factors, on which the full-scope valuation was based, is accounted for and brought to the notice of
the lending bank.”
11. Is the Desktop valuation also required to be done from a PBA-approved evaluator?
When the loan amount exceeds 10% of the banks/DFIs’ equity, the Desk-top valuation will be done by the
same evaluator, who had conducted the full-scope evaluation, and must be on the approved panel of the
PBA; whereas, for loans below this threshold, Desktop evaluation may be done by the banks themselves.
12. If the evaluators are not allowed to enter the premises for conducting full scope evaluation, then such
evaluation may qualify for provisioning benefit?
In cases where evaluators are not allowed by the borrowers to enter in their premises, the full-scope
evaluation, conducted as such, will not be accepted for provisioning benefit.
25
FAQs: REGULATION R-1 (PER PARTY/GROUP LIMIT)
1. Is any weightage available while taking exposure on NBFCs, while calculating
per party/group exposure limit under Regulation R-1 (Annexure-1), as is
available in the case of exposure taken on banks/DFIs?
No weightage is available against exposure taken on the NBFCs under
Regulation R-1, as such; the exposure will be taken at its entire value for the
purpose of Regulation R-1.
2. Does the per party limit under R-1 apply on interbank placement with banks
and DFIs?
Yes, the interbank placement is also subject to per party limits under
Regulation R-1. However, the calculation of per party limit in such cases will
be subject to the following weightages, as explained in Para F of annexure-1:
(i) 10% weightage on exposure to banks / DFIs with ‘AAA’ rating.
(ii) 25% weightage on exposure to banks / DFIs rated ‘A' and above.
(iii) 50% weightage on exposure to banks / DFIs rated ‘BBB’ and above.
3. Does the group limit cover exposure on Corporate and SMEs, owned by the
same group, or, exposure taken on them is calculated separately?
26
Yes, the group exposure will be calculated by taking financing facilities given
to both Corporate and SMEs owned by the same group.
FAQs: REGULATION R-1 (PER PARTY/GROUP LIMIT)
4. Does revaluation reserve also include revaluation of assets other than fixed assets for
the purpose of calculating per party/group limit of the bank/DFI?
No, revaluation reserves will not include appreciation on account of other than fixed
assets for the purpose of calculating per party/group limit.
5. Do all Liquid Assets qualify for certain weightages while calculating the per party
exposure limit under ‘Annexure-1’ of Regulation R-1?
No, there are some instruments/securities which have been classified as liquid assets
but do not qualify for any weightage while calculating the per party limit under
Annexure-1 which includes COIs issued by NBFCs, NIT Units, shares of listed
companies and certificates of asset management companies etc. It may, however, be
noted that the restriction in respect of these liquid assets is for calculation of per
party limit only, thus, their status as liquid assets will remain intact in respect of
other regulations.
6. Whether the facilities extended under the Long term Financing Facilities for export
oriented projects (LTF-EOP) is exempted from per party limit under Regulation R-1?
Yes, the facilities under LTF-EOP Scheme are exempted from the per party limit under
R-1.
7. Does SBLC enjoy any weightage as normal LCs while calculating per party limit under
R-1?
27
No. Since SBLC is a type of financial guarantee, no weightage is allowed while
calculating the per party limit.
List of abbreviations used
SPV
SECP
BPD
SBP
DFI
LPG
LNG
IPF
NIT
COI
NBFC
TFC
PFA
LOU
MOU
FCA
EPC
O&M
CAR
ALM
NPV
Special Purpose Vehicle
Securities & Exchange Commission of Pakistan
Banking Policy Department, State Bank of Pakistan - Now Banking Policy and Regulation
Department
State Bank of Pakistan
Development Finance Institution
Liquefied Petroleum Gas
Liquefied Natural Gas
Infrastructure Project Finance
National Investment Trust
Certificate of Investment
Non-banking Financial Company
Term Finance Certificate
Project Funds Agreement
Letter of Understanding
Memorandum of Understanding
Financial Completion Agreement
Engineering, Procurement and Construction
Operation and Maintenance
Contractor’s All Risk
Asset Liability Management
28
Net Present Value
THANK YOU
29

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