ISLAMABAD: Asian Development Bank (ADB) President Masato Kanda said this week that the institution’s $410 million financing package for Pakistan’s Reko Diq copper mine will create thousands of jobs in the country and position it to be a key supplier of critical minerals.
Located in Pakistan’s largest province by land but also its poorest, Balochistan, Reko Diq is among the world’s biggest untapped deposits of copper and gold. The project is expected to generate approximately $74 billion in free cash flow over the next 37 years.
Kanda confirmed in a video message on Saturday that the package to develop the copper mine was approved last week. Islamabad hopes the mine will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits.
“ADB’s $410 million financing package for Reko Diq, approved last week, will create thousands of jobs while positioning Pakistan as a key supplier of critical minerals,” Kanda said.
Honored to be received as a State Guest in Pakistan this week.
