Islamabad: The International Finance Corporation announced its commitment to provide $400 million in financial assistance for the Reko Diq project, enhancing its total investment in the endeavor to $700 million. The Reko Diq project, located in Balochistan, is set to become Pakistan’s largest copper and gold mining venture.

In addition to the IFC’s significant contribution, other financiers such as the U.S. EXIM Bank, the Asian Development Bank, Japan, and Canada are anticipated to join the financing package. The collective efforts aim to propel the project towards an estimated revenue generation of up to $74 billion over a span of 37 years.

Makhtar Diop, Managing Director of the IFC, stated that production from the Reko Diq project is expected to commence in 2028. He emphasized that the project will not only increase foreign investment in Pakistan but also generate substantial employment opportunities in the region of Balochistan.

The Reko Diq project is poised to play a pivotal role in the economic landscape of Pakistan, with its potential to attract international investors and create a significant number of jobs, contributing to the socio-economic development of the area.