Daewoo Pakistan Express Bus Service Limited (Daewoo Express) has secured a 5-year lease financing facility worth Rs. 2,000 million. This funding, led by Saudi-Pak Industrial and Agricultural Investment Company Limited in partnership with several Development Financial Institutions (DFIs), will support the procurement of Electric Vehicles (EVs) and Euro III intercity buses from Golden Dragon, China. The initiative marks a significant leap toward achieving sustainable and climate-resilient transportation in Pakistan.
At a ceremony held on Thursday, representatives from Daewoo Express, the DFIs, and key stakeholders formalized the agreement. The consortium includes Pak-China Investment Company Limited, Pak-Libya Holding Pvt Limited, and Pak-Oman Investment Company Limited. JS Bank is serving as the Account Bank, with Mohsin Tayebaly & Co providing legal counsel for the transaction.
Daewoo Express Takes Green Leadership
During the event, Faisal Ahmed Siddiqui, CEO of Daewoo Express, emphasized the company’s leadership in driving environmental sustainability. “For over 25 years, Daewoo Express has been a trailblazer in Pakistan’s transport sector, operating more than 1,000 buses on intercity and intracity routes,” he stated.
He outlined Daewoo’s ambitious five-year plan to upgrade its fleet with eco-friendly EVs and Euro III buses. “This transition will enhance our operational efficiency while aligning with Pakistan’s broader environmental objectives. We’re grateful to the DFIs for supporting this transformative journey,” Siddiqui added.
DFIs Push for Sustainable Development
Rizwan Ahmed, General Manager and CEO of Saudi-Pak Industrial and Agricultural Investment Company Ltd., highlighted the significance of the collaboration. “Leading Pakistan’s first-ever DFI Syndicate for long-term lease financing is an honor,” he said.
Ahmed stressed that this initiative aims to inspire greater private-sector involvement in sustainable transportation projects. “Green transportation financing not only addresses environmental concerns but also demonstrates how innovative partnerships can tackle pressing challenges effectively,” he remarked.
A Call for Climate-Resilient Transport Solutions
Pakistan ranks among the world’s top ten nations most vulnerable to climate change, with transportation being a major contributor to global emissions. This strategic collaboration between Daewoo Express and the DFI consortium showcases a collective commitment to fostering sustainable, eco-friendly infrastructure.
By integrating EVs and Euro III buses into its fleet, Daewoo Express reinforces its mission to combat climate change and lead the way toward a greener future for Pakistan.
