KARACHI, Jan 18: The Board of Exim Bank has approved $351 million as 85 per cent guarantee towards the cost of purchase of three Boeing 777 aircraft along with the spares.

The board took the decision at its meeting held in Washington D. C. on Jan 16 in which it reviewed the PIA case and communicated it to the airline on Friday.

“The decision is now being referred to the US Congress as per the procedure,” the PIA finance director, Kaleem Malik, said while talking to APP on Saturday.

Mr Malik pointed out that the PIA had selected City Group, a consortium of banks, as their guarantee lender in the transaction.

Selection of the lender group, he said, was based on the procedure which was followed internationally — proposal of 17 lending banks of the world and their evaluation as the most suitable bank.

The director said that the Exim Bank would go into the international market and obtain offers from top financial institutions at the best favourable term for the project.—APP