ISLAMABAD: A consortium of international Banks (CIB) has sanctioned a loan to the tune of Rs15 billion to Pakistan International Airlines (PIA).
According to media reports, the loan was sanctioned with the cooperation of Standard Chartered Bank to restore and revive air operations as PIA is engulfed in acute financial crunch.
PIA in the sphere of security, the profitable routes of Saudi Arabia will remain with the consortium till the payment of loan under the leadership of Standard Chartered Bank.
The loan of CIB is meant to pay salaries and other perks to the staffers of PIA.
