ISLAMABAD: Pakistan and the International Finance Corporation (IFC) have agreed to accelerate efforts for the early financial close of the Reko Diq project, one of the largest foreign investments in the country’s mining sector, the Ministry of Finance announced on Sunday.
The development came during a meeting between Finance Minister Muhammad Aurangzeb and Riccardo Puliti, IFC’s Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, held in Washington, DC on the sidelines of the IMF and World Bank Annual Meetings.
Both sides reaffirmed their commitment to expedite the finalization of financing arrangements for the project, which the IFC regards as a key engagement in Pakistan.
Minister Aurangzeb, accompanied by senior officials from the Finance Division, highlighted Pakistan’s improving macroeconomic stability and expressed appreciation for the IFC’s longstanding partnership in advancing private-sector investment. He commended the IFC’s role in driving multi-billion-dollar projects under the 10-year Country Partnership Framework (CPF), which aligns with Pakistan’s development and reform agenda.
The Finance Ministry’s statement noted that both parties agreed to take concrete steps to conclude financing for Reko Diq at the earliest, a move expected to bolster investor confidence and enhance Pakistan’s mining sector potential.
Minister Aurangzeb also welcomed the IFC’s decision to establish a new regional office in Islamabad, which will further strengthen the corporation’s engagement and support for private-sector growth in Pakistan.
Separately, the finance minister met with Islamic Development Bank (IsDB) President Dr. Muhammad Sulaiman Al Jasser, expressing gratitude for the Bank’s long-term support and reviewing the progress of ongoing projects. He emphasized the timely completion of development initiatives and thanked the IsDB for financing two sections of the M-6 Motorway.
Aurangzeb also appreciated the Bank’s continued cooperation in anti-polio programs and oil supply projects, reaffirming Pakistan’s commitment to deepening its strategic partnership with the IsDB.
Story by Irshad Ansari