WASHINGTON, Dec 16: Pakistan International Airlines (PIA) and Export-Import Bank of the United States (Exim Bank) on Monday signed the financing agreement to provide long-term financing to support the sale of three Boeing 777 large commercial aircraft and General Electric (GE) spare engines.

The guaranteed lender of the financing is Citibank.

The Exim Bank has also approved a preliminary commitment to support five additional GE-powered Boeing aircraft for PIA.

The agreement was formally signed by the chairman, PIA, Ahmed Saeed and Phil Merill, president and chairman of the Board of Directors of the Exim Bank at a ceremony held at the bank building.

Pakistan Ambassador Ashraf Jehangir Qazi said the signing of PIA-Exim Bank agreement for purchase of Boeing 777 aircraft was a “healthy development, a turning point for the national airline.”

Speaking at the signing ceremony, he said, “It is a great opportunity not only to speak in general terms but in specific terms about developing relations between Pakistan and the US, and this joint venture between Boeing and PIA has been facilitated by Exim Bank’s financing, and by so many others.”

The Exim Bank President and Chairman, Philip Merill said: “Exim Bank’s support was critical to Boeing winning this order for eight, long-range, twin-aisle aircraft. We look forward to provi-ding support for PIA’s purchase of other US manufactured aircraft and engines in the future.”

The transaction, he said, was the completion of the first phase of PIA’s fleet renewal plan. PIA would be authorized to operate the new long-range aircraft to the United States.

—APP