IFC informs body: ‘Outsourcing of Islamabad Airport: healthy competition likely on 15 July’

ISLAMABAD: A committee tasked to finalise the outsourcing plan of the country’s three airports was informed by the International Finance Corporation (IFC) on Thursday that on the outsourcing of Islamabad International Airport a “healthy competition” between various consortiums, comprising local and foreign investors, is expected on 15 July 2024.

The 10th Meeting of the Steering Committee on outsourcing of Islamabad, Karachi and Lahore airports was held under the chairmanship of Deputy Prime Minister and Foreign Minister Ishaq Dar on Thursday, said a statement issued by the Foreign Office after the meeting.

The meeting was inter-alia attended by the Minister for Defence and Aviation Khawaja Asif, Minister for Law and Justice Azam Nazeer Tarar, Secretary Aviation Saif Anjum, officials from the Board of Investment, Civil Aviation Authority (CAA), and a team from the IFC.

It stated that the IFC team presented a progress report on the outsourcing of Islamabad International Airport and informed that a healthy competition between various consortiums, comprising local and foreign investors, is expected on 15 July 2024, which is also the bid closing date.

According to the statement, the steering committee also reviewed progress on outsourcing of Lahore and Karachi airports and was satisfied with the work done so far. As per plan, it added that the concession structure for the two airports will be ready by mid-August this year.

“The meeting ended with the expectations that outsourcing of Islamabad International airport would eventually result in improved and world-class service standards along with enhanced customer experience,” it further stated.

On April 11, 2023, the government appointed the IFC, a member of the World Bank Group, as transaction advisor under the Public Private Partnership Act, 2017, after seeking approval of the federal cabinet with a view to outsourcing three airports – Islamabad International Airport, Jinnah International Airport, Karachi and Allama Iqbal Airport, Lahore.

Copyright Business Recorder, 2024