KARACHI: The Pakistan International Airlines has obtained a Rs10 billion loan from NIB Bank to facilitate its operational requirements, says a PIA statement on Friday.

A ceremony for signing the term finance facility was held at the PIA head office and attended by airline chairman Nasser N.S. Jaffer, managing director Shahnawaz Rehman and Atif R. Bokhari, president and CEO of the bank. According to the agreement, the loan will be repaid in five years.

Giving a briefing on the PIA’s aircraft acquisition programme, the managing director said that nine A320 aircraft and five ATR72 aircraft had already joined the PIA fleet while another four A320s would be added soon.

Also read: PIA liabilities touch Rs288bn; paying Rs3.2bn in debt-servicing

He said acquisition of three B777 wide-bodied aircraft to replace old B747s was also in process.

In reply to a question about the interest rate, PIA spokesperson Aamir Memon said that details of the financial transaction between the bank and the PIA could not be disclosed.

Published in Dawn, July 25th, 2015

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