ISLAMABAD; Oct 24, 2018: The Economic Coordination Committee (ECC) of the Cabinet has approved sale of three JF-17 aircraft to Nigeria for a sum of $184.3 million against issuance of a certificate of sovereign guarantee rather than sovereign bank guarantee which the Nigerian government has accepted.
The Ministry of Defense Production informed the ECC that the Pakistan Aeronautical Complex (PAC) Kamra had signed a contract for the sale of three JF-17 aircraft and associated package to Nigerian Air Force.
According to 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 have agreed to it.
The guarantee referred here is the surety from the Government of Pakistan that contracted products and related equipment would be provided to the purchaser by the PAC Kamra. A draft of the requisite guarantee acceptable to the purchaser is also required concurrently.
Pakistan has also exported six JF-17 aircraft to Myanmar.
JF-17 Thunder –mainstay fighter of the Pakistan Air Force (PAF) is a lightweight, single-engine, multi-role combat aircraft developed jointly by PAC and the Chengdu Aircraft Corporation of China.
According to an earlier report, the JF-17 is to get an active electronically scanned array (AESA) radar– a world-class radar system that will substantially improve its combat capability and help boost its export prospects.