ISLAMABAD: Pakistan’s Privatization Commission on Wednesday signed an agreement with the Asian Development Bank (ADB) under which the multilateral lender will act as transaction adviser for the planned outsourcing of Islamabad International Airport.
Pakistan is pushing ahead with the privatization and restructuring of state-owned enterprises under economic reforms agreed with the International Monetary Fund (IMF), seeking to reduce the fiscal burden of public entities while improving the efficiency and quality of public services.
The government plans to outsource Islamabad International Airport to a private operator under a long-term concession framework.
“Under the Agreement, ADB will provide comprehensive transaction advisory services, including technical, financial, legal, environmental, and commercial expertise to support the structuring and implementation of the transaction in accordance with international best practices,” the Privatization Commission said in a statement.
“The advisory services will facilitate a transparent, competitive, and market-driven process aimed at attracting leading international airport operators and investors,” it added.
The Transaction Advisory Services Agreement was signed by ADB Pakistan Country Director Emma Fan and Privatization Commission Director General Shahid Dayo on behalf of their respective organizations, according to the statement.
The commission described the agreement as an important milestone in implementing the government’s privatization program, saying it reflected its commitment to improving service quality at Islamabad International Airport through private-sector participation while ensuring value for the people of Pakistan.
