U.S. Government Commemorates $55 Million EXIM Financing to Refurbish PIA's GE Engines
U.S. Ambassador Richard Olson hosted an event for senior business and government officials today to commemorate $55 million in financing for a deal between General Electric (GE) and Pakistan International Airlines' (PIA) to refurnish their Boeing aircraft engines. The refurbishment will enhance overall engine performance of PIA's Boeing 777 fleet.
Islamabad, May 20, 2015
The United States Export-Import Bank (EXIM) will support the financing, representing EXIM's largest financing activity in Pakistan since 2006. Ambassador Olson said, "Today, 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. Partnerships such as these go a long way towards connecting Pakistan with the rest of the world."
Ambassador Olson was joined by Federal Minister for Finance Ishaq Dar; Chairman Board of Investment, Dr. Miftah Ismail; Special Assistant to the Prime Minister, Captain Shujaat Azim; Vice Chairman GE, John G. Rice; Chairman Pakistan International Airlines, Nasser Jaffer; and Managing Director/Country Officer Citibank, Mr. Nadeem Lodhi.