Islamabad: In a significant boost to Pakistan’s economy, the International Finance Corporation (IFC) has announced an additional $400 million investment in the Reko Diq mining project, bringing its total contribution to $700 million.
The total cost of the Reko Diq project is estimated at $6.6 billion. The IFC will provide a mix of loans and equity financing for the venture. The project is expected to generate up to $74 billion in revenue over the next 37 years.
Several major global financial institutions are also expected to participate in funding the project, including the US EXIM Bank, the Asian Development Bank, and financial institutions from Canada and Japan.
Speaking on the occasion, IFC Managing Director Makhtar Diop stated that the organization is increasing its focus on infrastructure, energy, and natural resources in Pakistan. He announced plans to double IFC’s investments in the country’s energy and natural resource sectors.
Reko Diq, one of Pakistan’s largest copper and gold mining projects, is expected to begin production by 2028. Diop noted that the project would bring significant economic benefits to Balochistan, including employment opportunities and regional development.
He further emphasized that the Reko Diq project would encourage foreign direct investment in Pakistan and play a key role in positioning the country on the global mineral map.
