Islamabad, The International Finance Corporation (IFC) has approved financing for the Pakistan Telecommunication Company Limited (PTCL) Group’s acquisition of Telenor Pakistan. This move paves the way for one of the most significant transactions in the Pakistani telecom industry, aiming to enhance the sector’s growth and innovation.

According to Pakistan Telecommunication Company Limited, the PTCL Group and Telenor Pakistan reached a share purchase agreement in December of the previous year, with PTCL set to acquire a 100 percent stake in Telenor Pakistan on a cash-free, debt-free basis. The IFC, part of the World Bank Group, stepped in to finance the deal, reflecting confidence in both the PTCL Group's potential and the broader prospects of Pakistan's telecom sector.

The deal is expected to consolidate PTCL Group's position in the market and is seen as a critical step towards fulfilling the 'Digital Pakistan Vision.' However, the completion of the acquisition remains contingent on receiving the necessary regulatory approvals. The IFC's support is a notable endorsement of the PTCL Group's strategy and Pakistan’s economic environment.