SECURITY Papers Limited has officially signed an agreement with Giesecke+Devrient, Germany, for the upgradation of its paper machine PM-2 as per a press release. This project aims to enhance SPL`s production capabilities to meet the latest international trends and incorporate advanced security features for banknote paper to accommodate the evolving requirements of the State Bank of Pakistan, which recently announced the launch of a new banknote series.

The agreement for the upgradation was officially formalised during a signing ceremony at SPL`s head office in Karachi. Imran Qureshi, CEO of Security Papers Limited, signed the agreement on behalf of the company, while Claudio Sgarlata, Managing Director Middle East and Africa for the Currency Management Solutions business of global SecurityTech company Giesecke+Devrient, represented G+D.

The estimated cost of the project is Rs3.4 billion, which includes an international tender worth €8.297 million awarded to Giesecke+Devrient. The upgradation is expected to be completed within 18 months, during which SPL`s Paper Machine PM-2 will be enhanced to produce banknote paper with the latest security features. •