A significant breakthrough has been achieved in the Reko Diq project linked to Balochistan’s mineral resources, as a $3.5 billion foreign investment agreement has been finalised.

According to sources, the deal has been struck between an international oil and gas development company and 11 global banks.

Sources revealed that the loan recovery process for the project will begin within the next 45 to 90 days, while the construction of basic infrastructure is expected to commence over the next two to four months.

This project will be under the joint ownership of the federal government and the Balochistan government.

The completion of the Reko Diq project is expected in 37 years, and it is anticipated to yield mineral production worth around $90 billion.

According to sources, a total of 53 plants will be established in Balochistan under the project. In the first phase, 11 plants will be installed, followed by 15 in the second phase, and 27 in the third phase.

An investment of $16.6 billion will be made in Chagai district for the first phase, $7.7 billion in the second phase, while the third phase is expected to attract $4.8 billion in investment.

The project will create more than 75,000 employment opportunities in Balochistan, which is being regarded as a major step forward for the province’s economy.

According to sources, upon completion of the project, Pakistan is expected to earn nearly $35 billion annually in foreign exchange, which will play a vital role in stabilising the national economy.

The Reko Diq project will be completed between 2025 and 2028, while a plan has been finalised to commence production in 2028.