In a move that’s bound to breathe new life into Pakistan’s economy, the International Finance Corporation (IFC) has announced an additional investment of $400 million in the Reko Diq project — one of the largest untapped copper and gold reserves in the world.
With the ball now rolling faster than ever, experts believe that this fresh wave of funding could turn the tide for Pakistan’s economy, helping it climb out of debt and into long-term growth.
With this fresh funding, IFC’s total stake in the project now stands at $700 million.
The massive Reko Diq mining venture, with a total estimated cost of $6.6 billion, is expected to be a game-changer for Pakistan, particularly for the development of Balochistan.
The financial backing is not coming from IFC alone.
Industry insiders suggest that institutions like the US EXIM Bank, Asian Development Bank, and major financial groups from Canada and Japan are also likely to jump on board.
Speaking about the development, IFC head Makhtar Diop said that the corporation was ramping up its focus on infrastructure, energy, and natural resources in Pakistan.
According to Diop, the Reko Diq project is expected to kick off production in 2028. Over a span of 37 years, it could rake in around $74 billion in revenue.
He emphasized that the project would not only put Pakistan on the global mining map but also create thousands of jobs and boost the economy of Balochistan.
“This is a golden opportunity for Pakistan,” Diop added. “Reko Diq will open the door for more foreign investment and help Pakistan stand tall in the global minerals market.”
