ISLAMABAD:
In a significant win for Pakistan, the International Finance Corporation (IFC) and the World Bank have approved a concessional loan of $700 million for the Reko Diq project, a major mining and resource development initiative.
This approval, granted during a board meeting in Washington, is a significant diplomatic victory for Pakistan and a major setback for India, which had actively lobbied against the funding.
As a result of this approval, the private sector is expected to invest $2.5 billion in the Reko Diq project, one of Pakistan’s most important initiatives. The success in securing this loan is a testament to the effective diplomatic efforts of Pakistan, especially in light of opposition from India.
Dr Tauqeer Hussain Shah, advisor to the prime minister, played a key role in this achievement. He spearheaded efforts at the World Bank, successfully lobbying for the loan. His contributions were instrumental in securing this approval, marking a major milestone in the success of the Reko Diq project.
This loan approval strengthens Pakistan’s economic position and highlights its successful diplomatic maneuvering in securing vital investments for the nation’s future. The backing of this large-scale project is particularly significant in light of regional geopolitical tensions, with India actively seeking to block the project’s financing.
With this decision, Pakistan has taken a crucial step forward in securing the success of the Reko Diq project, which is expected to play a pivotal role in the country’s resource development sector.
