Pakistan International Airlines secures USD55m facility from US Ex-Im Bank

Pakistan International Airlines (PIA) secured (20-May-2015) a USD55 million facility from the US Ex-Im Bank, allowing the carrier to finance aircraft engine parts and overhaul for its Boeing 777 fleet. Under an agreement, General Electric (GE) will undertake the refurbishment and overall engine maintenance for the aircraft. US' Ambassador to Pakistan Richard Olson stated: GE and its joint venture engines power more than 60 percent of PIA's aircraft, and this deal to refurbish many of those engines will power PIA well into the future." [more - original PR]