PIA to procure three 'Boeing 777' aircraft on dry lease

Pakistan International Airline (PIA) has signed an agreement with Air Cap Leasing Company (ICLC) to procure three 'Boeing 777' aircraft on dry lease. According to official sources, ICLC, which was second largest leasing company in the world and was based in Ireland, would provide leasing facility to the airline to induct three 'Boeing 777' aircraft in its fleet from October, 2015.
Meanwhile, PIA spokesman Aamir Memon confirmed the said agreement, saying that airline would procure three 'Boeing 777' aircraft on dry lease by availing leasing facility from ICLC and added that agreement in this regard had been signed between PIA and ICLC. He said that airline would pay leasing amount within six years on quarterly basis. Moreover, he said that PIA had already availed leasing facility from ICLC in 2004 to procure one Boeing 777 aircraft and added that ICLC, which had offered a favourable deal to the airline, would provide leasing facility at nominal profit margin. Memon further said that PIA would have 12 Boeing 777 aircraft in its fleet after this agreement.