ISLAMABAD: In a major breakthrough, Pakistan has secured a \$700 million concessional loan from the International Finance Corporation (IFC) and the World Bank for the Reko Diq mining project — a landmark development in the country’s resource sector.
The approval, granted during a board meeting in Washington, marks a diplomatic win for Islamabad and a blow to India, which had reportedly lobbied against the financing. The decision is expected to unlock \$2.5 billion in private sector investment for the project, positioning Reko Diq as one of the most significant mineral development ventures in Pakistan’s history.
Dr. Tauqeer Hussain Shah, Advisor to the Prime Minister, played a critical role in this achievement, leading Pakistan’s engagement with the World Bank and securing broad support for the loan despite regional opposition.
The financing approval not only reinforces Pakistan’s economic stability but also underscores successful diplomatic engagement in securing strategic foreign investments. The Reko Diq project is expected to be a game-changer for Pakistan’s mineral and economic development, with far-reaching impacts on employment, exports, and regional growth.
