Federal Information Minister Fawad Chaudhary announced on Tuesday, after a cabinet meaning that the Pakistani government will be mortgaging the country’s major airports and road network and issuing Sukuk bonds.
The Federal cabinet approved the summary to mortgage government assets for large-scale borrowing through issuance of Sukuk bonds. The Information Minister further added that this initiative was being taken in order to promote Islamic banking industry.
Sukuk bonds will be issued and loans will be taken out, keeping Islamabad Expressway, Islamabad-Peshawar Motorway, Pinid Bhattia-Lahore motorway section, and airports of Lahore, Islamabad and Multan as collateral.
According to reports, it is said that now loans will be available on a much lower interest.