The Asian Development Bank (ADB) and SAFCO Venture Holdings Limited (SAFCO) have signed an $86.2 million financial package to construct and operate Pakistan's first private-sector-led sustainable aviation fuel (SAF) facility in Sheikhupura, Punjab, according to an ADB statement released on Wednesday.

As per details, the financing includes $41.2 million from ADB's ordinary capital resources (OCR) and $45 million in syndicated loans, including contributions from The Emerging Africa & Asia Infrastructure Fund and Amsterdam-based ILX. The International Finance Corporation is also providing a parallel syndicated loan. ADB is acting as the lender of record and lead arranger for the financing package.