World Bank’s IFC Pledges $300 Million Loan for Pakistan’s Reko Diq Mining Project

The International Finance Corporation (IFC), the World Bank’s private investment arm, has committed $300 million in debt financing to Pakistan’s Reko Diq copper-gold mining project. Reko Diq, located in Balochistan, is among the world’s largest undeveloped copper and gold reserves. The project is a joint venture between Barrick Gold and the governments of Pakistan and Balochistan. The IFC’s involvement aims to mitigate project risks and promote sustainable mining practices in the region. The total estimated cost of the project is $6.6 billion, with financing comprising both debt and equity. Production is expected to commence in 2028, with annual targets of 240,000 tons of copper and 300,000 ounces of gold, potentially positioning Reko Diq as a significant contributor to Pakistan’s economy.