ISLAMABAD: The General Electric (GE) entered into an agreement with Pakistan International Airlines (PIA) here on Wednesday to overhaul and carry out maintenance of the engines of PIA Boeing aircraft.

The United States Export-Import Bank (EXIM) will support the GE-PIA deal with financing of $55 million together with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). It will help PIA cover engine overhauls at GE aviation facility in Cardiff, Wales over the next four years.

US Ambassador Richard Olson hosted an event to commemorate the signing of the deal between PIA and the General Electric.

Finance Minister Ishaq Dar, Board of Investment Chairman Miftah Ismail, Special Assistant to the Prime Minister, Capt Shujaat Azim and others attended the ceremony.

“PIA has played a critical role in developing the aviation sector in Pakistan and GE has been proud to support its efforts for more than 40 years now through the provision of advanced, fuel efficient engines, overhaul services, financing to lease aircraft and now through this latest joint effort with the US EXIM Bank and ICIEC,”said Sarim Sheikh, President and Chief Executive Officer of GE Pakistan.

PIA Chairman Nasser Jaffer stated that “PIA is committed to improving and expanding its services to serve a larger passenger base across a greater number of destinations.”

Public-private partnership

In Lahore, General Electric (GE) Vice-Chairman John G. Rice discussed options of public private partnership to develop infrastructure in multiple sectors with the government.

During a meeting with BoI

Chairman Miftah Ismail, Federal Minister Shahid Khaqan Abbasi, Minister of Railways Khwaja Saad Rafique, Punjab Chief Minister Shahbaz Sharif and others, Mr Rice explored the possibilities for joint ventures in energy, as well as in healthcare and rail transportation.

Published in Dawn, May 21th, 2015

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