US to Review Reko Diq Financing Package After Recalculating Project Costs
The US Export-Import Bank (EXIM) will revisit its proposed $1.25 billion financing package for Pakistan’s Reko Diq copper and gold project as project costs are recalculated and the final financing structure is prepared, US Embassy officials told ProPakistani.
The embassy officials told a small group of journalists that the project is still moving forward, although progress has been slower than initially planned due to adjustments in project costs and requirements.
Pakistan had earlier approved a $6.7 billion investment plan for the first phase of Reko Diq, one of the country’s largest mining projects being developed in Balochistan.
The US EXIM financing is part of international support being considered for the project, with other development partners including the International Finance Corporation (IFC) also expected to participate in final financing discussions.
Embassy officials shared that Reko Diq represents the economic potential of Pakistan’s mineral sector, with the project expected to contribute significantly to exports, foreign exchange earnings and economic growth once operational.
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