US EXIM Bank, IDB to provide $120 million for engine overhaul to PIA

ISLAMABAD: The Citi Bank has managed to arrange $120 million financing from the US EXIM Bank and Islamic Development Bank for overhauling the engines of PIA aircraft by the General Electric Company.This has been disclosed in a meeting of the Citi Bank delegation headed by Country Officer Nadeem Lodhi with Finance Minister Ishaq Dar here on Wednesday.
During the meeting, the Citi Bank team informed the minister that it was after seven years that the US EXIM Bank had undertaken financing activity in Pakistan, which reflected a growing confidence of international institutions or foreign stakeholders in Pakistan’s improved economic stature.The amount, the minister was further told, would be utilised for the overhauling engines of PIA aircraft by the General Electric Company.