“Karachi is a city of 18 million people, but it has almost no commercial real estate,” Ali Jameel, CEO of TPL Properties said at a September 26 signing ceremony for OPIC’s $20 million loan TPL to finance the completion of a 28-story office building.
Jameel said that a lack of infrastructure is one of the biggest problems that Pakistan faces attracting business investors and said that news of the planned completion of the office tower has attracted interest from a range of businesses from oil and gas to mobile technology.
Standing before a rendering of the completed building, Jameel also noted that by supporting infrastructure projects, OPIC was able to clearly demonstrate the product of its investments.
TPL Properties expects to complete construction of the office building in central Karachi in 2012 and will then begin leasing space to large local and multinational organizations.
“We all know that, in order to attract business, you need to have infrastructure solidly in place,” said OPIC President and CEO Elizabeth Littlefield, who also spoke at the signing ceremony.