Reko Diq mine to contribute 1% to GDP annually

In a major leap for Pakistan’s economy, the Reko Diq Copper Project of Balochistan is set to contribute nearly I per cent to Pakistan's GDP annually, positioning it as one of the most significant industrial ventures in the country’s history, said a report.

- Tariq Butt

“Backed by latest major financing package from the International Finance Corporation (IFC)-including a $300 million direct loan and $400 million in blended finance — the project marks IFC’s first mining investment in Pakistan and signals renewed global confidence in the country’s economic potential,” top aide to the prime minister Dr Tauqir Shah said, according to the report.

He said the IFC will also act as the lead lender and environmental and social coordinator, ensuring the project aligns with international standards and sustainable practices. Of late the IFC and the World Bank have approved a concessional loan of $700 million for the Reko Diq project.