Pakistan on Tuesday signed a $3.5 billion financing agreement with six donor agencies for the Reko Diq Project.
According to sources, 11 international financing organizations, including the US Exim Bank and the Asian Development Bank, are part of the agreement. Funding will begin within three months following the fulfillment of all conditions.
The source added that the donor agencies would provide a grace period of up to five years, and the loan repayment would be completed over the following 12 years.
Pakistan’s Reko Diq Project is a significant copper and gold mining operation in Balochistan, aiming to develop one of the world’s largest untapped copper and gold deposits.
The project, expected to begin production in 2028, involves a joint venture between Barrick Mining Corporation and Pakistani stakeholders and is poised to generate substantial revenue, create thousands of jobs, and significantly boost Pakistan’s economy and global standing in the mineral sector.
The project is located in the Chagai District of Balochistan, Pakistan, near the borders of Afghanistan and Iran.
