Pakistan is exploring financing opportunities from the US Export-Import Bank (US EXIM) for several major strategic projects, including Pakistan International Airlines (PIA) aircraft procurement, refinery modernization and the Reko Diq mining project.
The discussions took place between Finance Minister Senator Muhammad Aurangzeb and US EXIM Bank Chairman John Jovanovic in New York during Pakistan’s engagements around the 81st Session of the United Nations General Assembly.
The talks focused on moving beyond a broad cooperation framework toward specific transactions and bankable projects, including potential financing for PIA aircraft and engines.
Key Takeaways
- Financing institution: US Export-Import Bank (US EXIM)
- Pakistan representative: Finance Minister Senator Muhammad Aurangzeb
- US EXIM chairman: John Jovanovic
- Meeting location: New York
- PIA aircraft of interest: Boeing 787 Dreamliner
- PIA financing areas: Aircraft, engines and possible pre-delivery payments
- Existing PIA fleet support: Spare parts for grounded Boeing 777 aircraft
- Other potential area: Refinery modernization
- Reko Diq financing: US EXIM has authorized $1.25 billion
- Broader focus: Specific transactions and bankable projects
PIA Seeks Financing for Boeing 787 Dreamliners
PIA’s aircraft procurement was one of the main areas discussed during the meeting.
Finance Minister Muhammad Aurangzeb outlined PIA’s interest in Boeing aircraft, particularly 787 Dreamliners, and sought US EXIM support for a financing package covering aircraft and engines.
The discussions also included the possibility of financing aircraft pre-delivery payments, which can represent a significant financing requirement before aircraft are delivered.
The government also raised PIA’s need for spare parts to bring grounded Boeing 777 aircraft back into service.
This means the discussions involve both the potential acquisition of new aircraft and efforts to restore existing aircraft to operational service.
Refinery Modernization Identified for US EXIM Support
Refinery upgrades were another potential area for US EXIM financing.
Pakistan has been pursuing modernization of its refining sector, with investment needs linked to upgrading existing facilities and improving the country’s energy infrastructure.
During the New York meeting, refinery modernization was identified as a potential area where US EXIM could provide support. However, the latest government statement describes this as a potential financing opportunity rather than a finalized financing agreement.
Reko Diq Already Has $1.25 Billion US EXIM Authorization
Reko Diq was also a key part of the discussions.
Pakistan views the Reko Diq mining project as an important future source of export earnings, and Aurangzeb highlighted its importance during the meeting with the US EXIM chairman.
Unlike the PIA and refinery discussions, US EXIM has already authorized financing for Reko Diq.
US EXIM’s transaction records list $1.25 billion in authorized project financing for Reko Diq Mining Company in Pakistan. The financing is classified under project finance and relates to the development of the copper-gold mining operation.
The authorization was approved in November 2025, according to US EXIM records.
Pakistan and US EXIM Focus on Specific Projects
The discussions also pointed toward a more transaction-focused approach.
Pakistan and US EXIM agreed to continue work on a broader cooperation framework, while prioritizing specific transactions that can move forward.
For PIA, this includes potential financing for aircraft, engines and pre-delivery payments. For refineries, the focus remains on identifying viable modernization projects that could qualify for support.
This approach places emphasis on projects with identifiable financing requirements rather than relying only on a general cooperation agreement.
Why US EXIM Financing Matters for Pakistan
US EXIM financing could potentially provide Pakistan with access to financing linked to major US-origin goods, equipment and services.
For PIA, support could help with the financing structure for new Boeing aircraft and related equipment.
For the energy sector, EXIM involvement could support eligible refinery modernization projects.
For Reko Diq, the already authorized financing represents a significant US-backed component of the project’s financing structure.
Together, these areas cover aviation, energy and mining, three sectors with major capital requirements and potential implications for Pakistan’s export capacity and economic activity.
What Happens Next?
The latest discussions do not mean that all three projects have received new financing approvals.
The Reko Diq project already has $1.25 billion in US EXIM authorization, while financing discussions for PIA aircraft and refinery upgrades remain areas for further development.
The two sides are expected to continue working on the broader cooperation framework while concentrating on individual transactions and projects that can meet financing requirements.
For PIA, the next stages could involve further discussions over aircraft specifications, financing arrangements, engines, pre-delivery payments and spare parts.
FAQs
What is Pakistan seeking from US EXIM Bank?
Pakistan is exploring US EXIM financing for PIA aircraft procurement, refinery upgrades and the Reko Diq mining project.
Which PIA aircraft is Pakistan interested in buying?
PIA has expressed interest in Boeing aircraft, particularly the Boeing 787 Dreamliner.
Will US EXIM finance PIA’s Boeing 787 purchase?
Financing is currently being explored. Pakistan has requested support for aircraft and engines, including possible financing for pre-delivery payments, but the latest meeting did not announce a finalized financing agreement.
Will US EXIM help PIA restore grounded Boeing 777 aircraft?
Pakistan raised the need for spare parts to help return grounded Boeing 777 aircraft to service.
How much has US EXIM authorized for Reko Diq?
US EXIM’s transaction records show $1.25 billion in authorized project financing for Reko Diq Mining Company.
Is refinery financing already approved?
The latest government statement identifies refinery upgrades as a potential area for US EXIM support. It does not announce a finalized financing approval for refinery modernization.
Who discussed the financing opportunities?
Pakistan’s Finance Minister Senator Muhammad Aurangzeb met US EXIM Bank Chairman John Jovanovic in New York on September 24, 2026.
What is the broader goal of the discussions?
Both sides agreed to continue developing a broader cooperation framework while prioritizing specific transactions and bankable projects.
