ISLAMABAD – Cash-strapped Pakistan has formally initiated the process tooutsource operations of its three major airports.
The Finance Ministry announced on Thursday that the airports would be runon public-private partnership, to avert the economic crisis that hasimpacted the country’s middle class.
The development comes months after railways minister, Khawaja Saad Rafique,revealed that Islamabad was negotiating with Doha and would also engage theUAE to outsource operations of its Karachi, Lahore and Islamabad airports.
He had said in January that the move would improve airport servicestandards and would also bring in much-needed foreign direct investmentinto the country which is facing balance of payment crisis and skyrocketinginflation.
At that time, the minister had detailed that the country had acquired theservices of the International Finance Corporation – a subsidiary of theWorld Bank – that has provided consultancy for dozens of airports.
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The fresh move comes as a summary to engage the IFC as a transactionadvisor for the outsourcing process was presented before the EconomicCoordination Committee (ECC) – country’s top economic body.
“The ECC after detailed discussion approved the draft Transaction AdvisoryAgreement (TASA), reached with the IFC by PCCA for outsourcing of threeairports,” the finance ministry stated.
Participants of the high profile meeting were informed that the outsourcingof three airports has been kicked off within the scope of a public-privatepartnership to engage private investors/airport operators through acompetitive and transparent process.
