Pakistan International Airlines Corporation (PIA) has closed a $100 million Shari’a compliant financing facility. The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank N.A., and United Bank Limited as mandated lead arrangers and joint bookrunners. Warba Bank in Kuwait joined as lead arranger and Citibank N.A. is also performing the role of the account bank and security trustee. The three-year facility will be used for PIA’s general corporate purposes and reflect investor confidence in the airline and its strategic importance to Pakistan.
Because there would be no chance of doing corruption for the PIA officials in this deal, might be they will go for bank of their choice
Once credit is available to #PIA it will fuel more corruption. Which banks is irrelevant.
For 6 leased A310s #PIA have nil spare engines. For 1 B747-200 14 Spare CF6-50s. For B747-300 11 spare engines!
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