The cockpit voice recorder (CVR) of the ill-fated PK-8303, which crashed in Karachi last week, has been recovered from the debris, the Pakistan International Airlines (PIA) said on Thursday.

The national carrier, in a tweet, said that PIA teams, aided by Airbus experts, had been searching "extensively" for the recorder, which will now be handed over to the Air Accidents Investigation Branch (AAIB).

"This will be a key component in the Air Crash Investigation," the tweet read. "PIA teams were searching extensively for CVR aided by Airbus team."

Last week, the Airbus A-320 aircraft that had flown from Lahore, crashed into Model Colony, a residential area near the Karachi airport, after both its engines apparently failed. Only two people survived the devastating crash out of the 99 passengers and crew members on board. The remaining 97 were killed and DNA tests are underway to identify the victims.

Related: Crashed Airbus last checked on March 21, returned from Muscat a day ago

The plane made failed attempts to land at the Karachi airport before the crash. Authorities had recovered the flight data recorder (FDR) of the ill-fated aircraft on the day of the crash, but could not find the CVR.

Both FDR and CVR are the two key components of the ‘black box’ of an aircraft. In the present case, the CVR is of more importance because it records all sounds, including pilots’ conversations, in the cockpit.

PIA and AAIB teams along with an 11-member team of Airbus experts and engineers have been scouring the site of the crash for the past three days in order to collect evidence which would help determine the cause of the crash.