US Exim Bank, IDB extend finance facility to PIA

US Exim Bank, IDB extend finance facility to PIA

A delegation of Citi Bank, led by Nadeem Lodhi, Country Officer, here on Wednesday met the Finance Minister, Senator Mohammad Ishaq Dar and discussed matters regarding financing for GoP projects.

Other members of the visiting delegation were Mr. Salman  Mian, Vice President Citi, Pakistan and Mr. Amir Khan, Banking Head, Citi Bank.

The Minister briefed the delegation about renewed engagement of international financial institutions, including the World Bank and the IMF with Pakistan, deeply encouraged by stability achieved by the national economy. He said that Pakistan had also qualified as an IBRD client by meeting the required criteria. All international rating agencies accorded stable rating to Pakistan’s economy, the Minister said.

 The delegation apprised the Finance Minister about the $120 million Exim Bank / Islamic Development Bank financing facility for PIA, arranged by the Citi Bank. The Minister was informed that it was after seven years that the US EXIM Bank had undertaken financing activity in Pakistan which reflected growing confidence of international institutions/foreign stakeholders in Pakistan’s improved economic stature.

 The amount, the Minister was further told, would be utilized for the overhauling engines of PIA planes by General Electric Company. The Finance Minister lauded CITI Bank’s efforts for arranging the financing facility for PIA and also appreciated the Bank’s deep interest in financing GoP projects.

 Secretary Finance, Dr. Waqar Masood, Advisor Finance Division, Rana Assad Amin, Additional Secretary to Finance Minister, Tariq Mahmood Pasha, JS to Minister, Awais Manzoor Samra  and other senior officials attended the meeting.