Pakistan has formally appointed the Asian Development Bank (ADB) as the financial and transaction adviser for the outsourcing of Islamabad International Airport, marking the official start of the transaction process.
The Transaction Advisory Services Agreement was signed by Privatisation Commission Director General Shahid Dayo and ADB Country Director Emma Fan. The signing ceremony was witnessed by Adviser to the Prime Minister on Privatisation Muhammad Ali, Privatisation Commission Secretary Usman Akhtar Bajwa, Privatisation Division Secretary Hammad Shamimi, and ADB Deputy Country Director Syed Hussain Haider.
Under the agreement, the ADB will provide technical, financial, legal, environmental, and commercial advisory services to help structure and execute the outsourcing of the airport under international standards.
The government said the process will be carried out through a transparent and competitive bidding process aimed at attracting leading international airport operators and investors.
The outsourcing is expected to be completed within nine months, while the due diligence phase is scheduled to conclude within three months. Officials said the government aims to complete the transaction during the current fiscal year.
The appointment marks the first time a multilateral development institution has served as a transaction adviser for a privatization project in Pakistan.
The government has also started preparations to appoint a single financial adviser for the outsourcing of Karachi and Lahore international airports. Officials have previously estimated that the two airports could attract more than $500 million each in fresh private investment.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.