ISLAMABAD: The International Finance Corporation (IFC) has announced an additional investment of $400 million in Pakistan’s Reko Diq copper and gold mining project, raising its total financial commitment to $700 million.
The IFC’s latest financing comes as part of a broader funding package to support the development of one of the world’s largest untapped copper and gold reserves, located in Balochistan, state-run Radio Pakistan reported.
Reko Diq project is expected to generate $74 billion in revenue over a 37-year period and will significantly contribute to Pakistan’s economic and industrial development.
The $6.6 billion project is being developed by Barrick Gold Corporation, which holds a 50 percent stake, while the remaining share is jointly held by Pakistan’s federal and Balochistan governments. Production is expected to commence in 2028.
IFC Managing Director Makhtar Diop said the Reko Diq venture represents the single largest foreign investment in Pakistan’s mining sector and a key step in boosting economic activity in Balochistan.
“This is a golden opportunity for Pakistan,” Diop stated. “Reko Diq will open the door for more foreign investment and help Pakistan stand tall in the global minerals market.”
He added that the project would create thousands of jobs and strengthen Pakistan’s position in the international mining industry.
Diop noted that the IFC is “doubling down” on Pakistan, with increased focus on infrastructure, energy, and natural resources. The institution views the Reko Diq project as a transformative opportunity for the country’s long-term development.
The Reko Diq mine is seen as a flagship project that can set the stage for further international investment in Pakistan’s mining and resource sectors, particularly in the underdeveloped province of Balochistan, where economic uplift remains a priority for both provincial and federal authorities.
