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ISLAMABAD: Pakistan&rsquo;s Privatization Commission (PC) Board on Friday approved key steps to advance the privatization agenda, recommending a concession model for New Islamabad International Airport (IIA) and restarting the process to appoint a financial adviser for the Roosevelt Hotel in New York. According to a statement issued by the Ministry of Privatization, the Board recommended the inclusion of the Islamabad airport in the Privatization Program, proposing a concession-based transaction through an open and competitive process. The decision followed an earlier ruling by the Cabinet Committee on Inter-Governmental Commercial Transactions, which had ruled out a government-to-government model on January 1. &ldquo;The Commission has been authorized by the Board to engage in direct negotiations with the Asian Development Bank (ADB) for its appointment as the Financial Adviser for this transaction,&rdquo; the statement said. Separately, the PC Board annulled the ongoing process for hiring a financial adviser for the privatization of the Roosevelt Hotel and directed that fresh Expressions of Interest be invited. The decision was taken to widen competition after the number of interested parties declined during the evaluation process. &ldquo;The decision was taken to ensure a more robust and competitive process, as the pool of interested parties narrowed from seven to two following legal and technical compliance screening under the prescribed criteria,&rdquo; the statement said. Commenting on the broader privatization drive, Information Minister Ataullah Tarar said the government had achieved key milestones, describing the privatization of Pakistan International Airlines (PIA) as &ldquo;an important milestone,&rdquo; and adding that overseas Pakistanis view investing in Pakistan as &ldquo;a matter of pride.&rdquo; The Privatization Commission reiterated its commitment to conducting all transactions through &ldquo;structured, competitive, and transparent processes&rdquo; to secure optimal returns for the national exchequer.

Economy

Privatization Commission advances airport concession plans, restarts Roosevelt Hotel advisory process, and highlights progress in privatization as overseas Pakistanis show confidence in investing.

Articles tagged with "Roosevelt Hotel"

Pakistan advances Islamabad airport concession, restarts Roosevelt Hotel advisory process

Pakistan advances Islamabad airport concession, restarts Roosevelt Hotel advisory process