The International Finance Corporation (IFC) has announced an additional investment of $400 million in Pakistan’s Reko Diq project, significantly boosting efforts to revive the country’s economy. With this latest funding, IFC’s total investment in the copper and gold mining project has reached $700 million.

The Reko Diq project, located in Balochistan, is estimated to cost $6.6 billion and is expected to generate revenue of up to $74 billion over the next 37 years. The financial consortium involved in the project will provide funding through a mix of equity and debt financing.

Global financial institutions, including the US EXIM Bank, the Asian Development Bank (ADB), and lenders from Canada and Japan, are also expected to join the project.

Speaking about the development, IFC Head Makhtar Diop said that the organisation is increasing its focus on infrastructure, energy, and natural resources in Pakistan. “We plan to double our investments in Pakistan’s energy and natural resources sector,” he stated.

Diop emphasised that the Reko Diq project—Pakistan’s largest copper and gold mining initiative—is expected to begin production by 2028. He noted that the project will play a vital role in the socio-economic uplift of Balochistan by creating employment and development opportunities.

He further added that the Reko Diq project will not only enhance foreign direct investment (FDI) in Pakistan but also place the country prominently on the global mineral map.

The Reko Diq project is widely seen as a cornerstone of Pakistan’s future mineral strategy, offering vast untapped potential for economic growth and international investment.