VEDA Transit Solutions (Pvt.) Ltd. has signed the financing agreement for a PKR 2.60 Billion term loan from a syndicate of banks led by the Bank of Punjab as Mandated Lead Advisor & Arranger. Samba Bank Limited, Askari Bank Limited, Bank Alfalah Limited and JS Bank Limited acted as co-arrangers for this transaction.
CEO VEDA Mr. Muhammad Ammar Khan and President Bank of Punjab Mr. Zafar Masud signed the financing agreement in the presence of the Chief Guest Provincial Minister for Transport, Government of Punjab Mr. Jehanzeb Khan Khichi at a Ceremony in Lahore. At this occasion, Provincial Minister expressed his firm belief that Punjab Government will take every step to ease the difficulties of general public especially in the provision of public transport service.
Lahore Metro Bus is a vital infrastructure project of the city and over time it has turned out to be the backbone of the transportation network of the city. The project has not only provided affordable and reliable mass transit to the city residents but has also eased traffic congestion and resulting in reducing the pollution.
Veda commenced its operations in 2017, initially as a joint venture between Raaziq Group, Transit Associated and Pakistan Catalyst Fund (JS Bank + USAID) for operating Multan Metro Bus Feeder
Project. Over the years, Veda has gained expertise of operating Metro Buses and will now be managing Lahore Metro Bus Service for next 8 years.