To analyze the project financing in infrastructure during the last five years i.e. FY04 to FY08. Data from five major banks is used to analyze the project financing in Pakistan. These banks are MCB, HBL, UBL, NBP, and ABL selected as the five largest banks in terms of their exposure to project financing. This review focuses on the disbursements by five major banks in infrastructure projects, financing structure, modes of finance used by these leading banks and sectors where major financing has been directed. It also analyses the emerging trends in infrastructure financing.