Outsourcing of major airports gets nod of ECC.

Islamabad -- The Economic Coordination Committee (ECC) Thursday approved the draft Transaction Advisory Agreement (TASA) reached with the International Finance Corporation (IFC) by the Pakistan Civil Aviation Authority (PCCA) for the outsourcing of three airports.

After a meeting of the ECC of the federal cabinet presided over by Finance Minister Ishaq Dar, a press release read that the committee considered a summary of the Ministry of Aviation on the engagement of the IFC as transaction advisor for the outsourcing of three airports.

The ECC was apprised that the outsourcing of three airports had been initiated within the scope of the Public-Private Partnership Act-2017 to engage private investors/airport operators through a competitive and transparent process to run the airports, develop appertaining land assets and enhance avenues for commercial activities and to garner full revenue potential.

The ECC endorsed the same old terms to which it had objected four days ago after the IFC - a member of the World Bank Group - refused to take its advisory fee towards the conclusion of the transaction. The fee will be paid on the achievement of various milestones. In addition to that, if Pakistan decides to terminate the service...