In an effort to attract foreign direct investment and create “world-class facilities” for travellers, the government agreed on Friday to privatise airports in Islamabad, Lahore, and Karachi.
The decision was made during a meeting hosted by Prime Minister Shehbaz Sharif to examine aviation-related issues, according to a news release from the PM Office.
In the first phase, three major airports will be managed by operators of international renown, as determined by the government.
According to the idea, the overseas operators would assist in the management of the aforementioned firms for 20 to 25 years.
In addition, the meeting voted to hire the International Finance Corporation for consulting services.
In addition to enhancing the aforementioned airports through foreign investment, international operators would provide international-standard services.
The meeting authorised the Public-Private Partnership Authority to undertake the necessary procedures.
The prime minister urged the authorities to ensure that the procedure was carried out openly and to the highest standards.
Participants were also informed that airports in 44 nations, including the United States, the United Kingdom, India, Bahrain, and Brazil, were managed using the public-private partnership model.