Islamabad: The government in Economic Coordination Committee (ECC) meeting has decided to outsource all major airports, land and terminal buildings to renowned foreign companies in aviation business through a transparent selection process.
The agreement was reached during a meeting of the Economic Coordination Committee (ECC), held on March 19, which considered and approved the draft of Aviation Policy 2015.
In first phase, the Allama Iqbal Airport Lahore Terminal will be outsourced for which the International Finance Corporation, a member of the World Bank Group, has been engaged as a consultant, say officials.
The decision has been taken to enhance the paid-up capital requirement for airline operators from Rs. 100 million to Rs500 million in an attempt to attract and encourage financially sound investors.