Muhammad Omar
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*GE vice chairman meets govt officials, attends ceremony to commemorate new financing facility to service PIA’s GE90 engines
LAHORE: The General Electric (GE) Vice-Chairman John G Rice on Wednesday discussed opportunities for public-private collaboration to help develop key infrastructure in energy.
The GE vice-chairman met Punjab Chief Minister (CM) Shahbaz Sharif, Chairman Board of Investment Miftah Ismail, Federal Petroleum and Natural Resources Minister Shahid Khaqan Abbasi and Railway Minister Khawaja Saad Rafique and highlighted GE’s commitment to the country’s continued progress. He discussed on the betterment of energy, healthcare and transportation sectors.
Rice said, “We have been a proud partner in Pakistan’s development for more than 50 years now. Today, GE-built equipment generates more than 25% of Pakistan’s electricity. GE and partner engines equip more than 60% of Pakistan’s commercial carriers and GE devices are found in more than 70% of large hospitals across the country. By combining the latest advanced technologies with local, we are helping build the next industrial era in Pakistan and contributing towards the socio-economic growth of the country.”
Rice also attended an event hosted by the United States (US) Ambassador Richard Olson to commemorate a loan facility to finance the overhaul and maintenance of Pakistan International Airlines’ (PIA) GE90 engines. Finance Minister Ishaq Dar, Special Advisor to the Prime Minister Shujaat Azeem and Pakistan International Airlines Chairman Nasser Jaffer were also present.
The US Export-Import (EXIM) Bank and the Islamic Corporation back the transaction for the Insurance of Investment and Export Credit (ICIEC). It would help PIA cover engine overhauls at GE Aviation’s facilities in Cardiff, over the next four years. The deal is an important step towards enhancing the performance of PIA’s aircraft and enabling it to fly more passengers safely around the world.
Speaking on the significance of GE’s relationship with PIA and this transaction, President and Chief Executive Officer GE Pakistan Sarim Sheikh said, “PIA has played a critical role in developing the aviation sector in Pakistan and GE has been proud to support its efforts for more than forty years through the provision of fuel efficient engines, overhaul services, financing to lease aircraft and now through this latest joint effort with the US EXIM Bank and ICIEC.”
The International Air Transport Association (IATA) estimates that Pakistan has one of the ten fastest growing rates of international passenger growth in the world, projected at 6.7% during 2012 to 2017. GE’s cutting edge solutions, combined with PIA’s commitment to growth and the backing of international financial institutions, play a crucial role in helping to meet this growth in demand.
The PIA chairman said, “PIA is committed on improving and expanding to serve a larger passenger-base across a greater number of destinations. The financing facility backed by the US EXIM Bank and ICIEC is going to play a critical role in helping us deliver on this commitment and we value GE’s role in facilitating the agreement.”
GE has three offices in Pakistan – in Islamabad, Lahore and Karachi, employing 400 people in the country.
LAHORE: The General Electric (GE) Vice-Chairman John G Rice on Wednesday discussed opportunities for public-private collaboration to help develop key infrastructure in energy.
The GE vice-chairman met Punjab Chief Minister (CM) Shahbaz Sharif, Chairman Board of Investment Miftah Ismail, Federal Petroleum and Natural Resources Minister Shahid Khaqan Abbasi and Railway Minister Khawaja Saad Rafique and highlighted GE’s commitment to the country’s continued progress. He discussed on the betterment of energy, healthcare and transportation sectors.
Rice said, “We have been a proud partner in Pakistan’s development for more than 50 years now. Today, GE-built equipment generates more than 25% of Pakistan’s electricity. GE and partner engines equip more than 60% of Pakistan’s commercial carriers and GE devices are found in more than 70% of large hospitals across the country. By combining the latest advanced technologies with local, we are helping build the next industrial era in Pakistan and contributing towards the socio-economic growth of the country.”
Rice also attended an event hosted by the United States (US) Ambassador Richard Olson to commemorate a loan facility to finance the overhaul and maintenance of Pakistan International Airlines’ (PIA) GE90 engines. Finance Minister Ishaq Dar, Special Advisor to the Prime Minister Shujaat Azeem and Pakistan International Airlines Chairman Nasser Jaffer were also present.
The US Export-Import (EXIM) Bank and the Islamic Corporation back the transaction for the Insurance of Investment and Export Credit (ICIEC). It would help PIA cover engine overhauls at GE Aviation’s facilities in Cardiff, over the next four years. The deal is an important step towards enhancing the performance of PIA’s aircraft and enabling it to fly more passengers safely around the world.
Speaking on the significance of GE’s relationship with PIA and this transaction, President and Chief Executive Officer GE Pakistan Sarim Sheikh said, “PIA has played a critical role in developing the aviation sector in Pakistan and GE has been proud to support its efforts for more than forty years through the provision of fuel efficient engines, overhaul services, financing to lease aircraft and now through this latest joint effort with the US EXIM Bank and ICIEC.”
The International Air Transport Association (IATA) estimates that Pakistan has one of the ten fastest growing rates of international passenger growth in the world, projected at 6.7% during 2012 to 2017. GE’s cutting edge solutions, combined with PIA’s commitment to growth and the backing of international financial institutions, play a crucial role in helping to meet this growth in demand.
The PIA chairman said, “PIA is committed on improving and expanding to serve a larger passenger-base across a greater number of destinations. The financing facility backed by the US EXIM Bank and ICIEC is going to play a critical role in helping us deliver on this commitment and we value GE’s role in facilitating the agreement.”
GE has three offices in Pakistan – in Islamabad, Lahore and Karachi, employing 400 people in the country.
