The government of Pakistan has provided a sovereign guarantee for the sale of three JF-17 aircraft to Nigerian Air Force against a sum of $184.3 million.
The Economic Coordination Committee (ECC) of the Cabinet has approved the issuance of a certificate of sovereign guarantee to show commitment for the aircraft sale to the Nigerian Air Force, in line with a contract signed between the two sides recently, Express Tribune newspaper reported today.
The ministry further informed the economic decision-making committee that the aircraft manufacturer, Pakistan Aeronautics Complex, Kamra had signed a contract for the sale of three JF-17 aircraft and associated package to Nigerian Air Force.
According to Article 6.1 of the contract, PAC Kamra shall present the sovereign bank guarantee from the Government of Pakistan prior to the release of payment by Nigeria. No bank loan or credit financing is involved in this case, the ECC was told.
The ministry told the ECC that the Nigerian authorities had been informed that the Government of Pakistan would issue a certificate of sovereign guarantee rather than a certificate of sovereign bank guarantee, and the Nigerians had agreed to it.
The guarantee is the surety from the Government of Pakistan that contracted products and related equipment would be provided to the purchaser by PAC Kamra.
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