The International Finance Corporation (IFC) and the World Bank (WB) have accredited a concessional loan of $700 million for a significant mining and useful resource growth initiative in Pakistan, in keeping with a media report.
“The Reko Diq project is located in Balochistan province, which is known as a mineral-rich region of the country. This approval by lenders is a significant victory for Pakistan,” The Express Tribune newspaper reported.
“As a result of this approval, the private sector is expected to invest $2.5 billion in the Reko Diq project, one of Pakistan’s most important initiatives,” the report stated.
With the approval, Pakistan has taken a vital step ahead in securing the success of the Reko Diq project, which is predicted to play a pivotal function within the nation’s useful resource growth sector.
Barrick Gold and the federal and Balochistan governments personal the project collectively. The financing for section one of many project, which is predicted to start out manufacturing in 2028, is being mentioned with a number of lenders.
A current feasibility examine has upgraded the project’s scope, with section one throughput rising to 45 metric tonnes every year from 40 metric tonnes and section two throughput rising to 90 metric tonnes every year from 80 metric tonnes.
The mine life has been revised from 42 years to 37 years owing to the rising throughput, though the corporate believes unaccounted-for minerals may prolong the life to 80 years.
“The cost of phase one has also been revised upwards to $5.6 billion from $4 billion. The World Bank plans to invest $2 billion annually in Pakistan’s infrastructure over the next decade,” the report stated.
Published – June 13, 2025 12:44 pm IST
