Pakistan seeks US EXIM financing for PIA Boeing 787s

NEW YORK: Pakistan has sought financing support from the US Export-Import Bank for Pakistan International Airlines’ planned purchase of new aircraft, including Boeing 787 Dreamliners, while also seeking assistance for refinery modernisation.

Finance Minister Muhammad Aurangzeb raised the proposals during meetings in New York on the sidelines of the 81st session of the United Nations General Assembly, as Islamabad looks to secure international financing for key aviation, energy and mining projects.

Aurangzeb met US EXIM Bank Chairman John Jovanovich to discuss potential financing opportunities covering PIA aircraft, refinery upgrades and the Reko Diq mining project.

During the meeting, the finance minister highlighted PIA’s interest in Boeing aircraft, particularly the 787 Dreamliner, and requested a financing package covering aircraft and engines. The discussions also included possible financing for pre-delivery payments, which could help advance the airline’s fleet renewal plans.

The government is also seeking spare parts needed to bring grounded Boeing 777 aircraft back into service. The issue is part of a broader effort to improve PIA’s operational fleet while it pursues the acquisition of newer aircraft.

Pakistan and US EXIM agreed to continue work on a broader cooperation framework while giving priority to specific transactions that could move forward in the near term. Refinery upgrades were identified as another potential area where US EXIM financing could support Pakistan’s industrial and energy infrastructure.

The Reko Diq mining project was also discussed. Aurangzeb stressed its importance to Pakistan’s future export potential and highlighted the economic cost of delays. He welcomed the US EXIM Bank’s continued commitment to the project.

The finance minister’s meetings form part of Pakistan’s wider push to attract foreign financing and investment into strategic sectors, including aviation, refining, mining and digital transformation.

Separately, Aurangzeb held discussions with Boeing Global President Brendan Nelson on PIA’s fleet modernisation plans. Boeing is expected to provide PIA with a revised proposal for new aircraft, while both sides are exploring possibilities for earlier delivery slots and interim leasing arrangements.

The Boeing talks also covered engine procurement, spare parts, maintenance and the restoration of aircraft currently out of service.

For PIA, the proposed 787 acquisition could mark a significant step in modernising its fleet, while access to interim aircraft and spare parts could help address immediate capacity requirements. However, the financing discussions remain part of an ongoing process, with specific transactions still to be developed under the broader Pakistan-US economic cooperation framework.

The latest talks underline Islamabad’s efforts to turn international economic engagement into concrete financing arrangements for major projects while strengthening cooperation with US companies and financial institutions.