Local firm inks deals worth $300 million

ISTANBUL - Reuters

Turkish STFA has inked two memoranda of understanding with Pakistan during the Pakistani Prime Minister Nawaz Sheriff’s (C) visit to Turkey.

Turkish construction firm STFA has announced it inked two memoranda of understanding worth $300 million with Pakistan to build 50 MW wind power and the accompanying power transmission lines during the Pakistani Prime Minister Nawaz Sheriff’s visit to Turkey yesterday.

“$100 million of the total amount will be for the wind farm, and the remaining for the power transmission lines,” said the company CEO Mehmet Ali Neyzi. A number of Turkish businesspeople met some senior Pakistani officials around 20 days ago to discuss the business opportunities in Pakistan.

“Turkey’s Eximbank has launched a $300 million line of credit for the prospective projects in Pakistan, adding that the amount could be extended,” Neyzi said, adding that the country needed many infrastructure projects from bridges to airports and power plants. “But they want to make almost all of these projects upon build-operate-transfer models, which requires financing. As STFA, we plan to make contact with several banks,” he added.

The firm has carried out a number of projects in Pakistan, worth $600 million so far.