PIA to Get US$250 million from Foreign Banks – Research Snipers

PIA to Get US$250 million from Foreign Banks

PIA

PIA would be getting a loan of US$250 million from the foreign banks aimed at majorly buying the aircraft engines, as per the reports of local media.

As per sources, the decision was targeted at the direction of stopping the reliance on the government funding for the national flag carrier and for approaching the private financiers.

The funding would be received from 4 international banks and no sovereign guarantees from the government are involved in it. They said that the airlines would be returning these loans from the foreign exchange reserves it gas earned from the different sources.

The loan process does not include giving over any land in possession of the airline to the international lenders.

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 Previously, the CEO of PIA Air Marshal Arshad Malik on Monday said that the World Bank is planning to make an investment in the airline.

While talking in a meeting with the Board of Directors of PIA he said that the PIA administration has managed to reduce the losses of the national airline, adding that 2 more aircraft have been added in the fleet of PIA.

CEO PIA said that the World Bank has shown its consent to make an investment in the PIA, while many agreements of collaboration have inked with the banks.

During the meeting, the PIA CEO was briefed about the reforms process in the PIA.

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