WASHINGTON: The United States US has approved a $1.3 billion loan to support the development of Pakistan’s massive Reko Diq copper and gold project.
The financing was confirmed following a high-level meeting in Washington chaired by U.S. Secretary of State Antony Blinken, focused on securing global supplies of critical minerals.
The meeting, which included key international partners, centered on strategies to diversify the supply chain for minerals essential for modern technology and clean energy. Participants agreed on the urgent need to create new, reliable sources and to promote safe transport and logistics networks, reducing dependence on single suppliers—a clear nod to concerns over China’s dominance in the sector.
The Reko Diq project, located in Pakistan’s Balochistan province, is one of the world’s largest undeveloped copper-gold deposits. Its development, led by a consortium including Barrick Gold Corporation, is now poised for a major acceleration with this U.S. financial backing. Analysts view the loan as a strategic win for Washington, fostering a key partnership with Pakistan while directly investing in a new source of minerals crucial for everything from electric vehicles to advanced electronics.
For Pakistan, the investment is a monumental economic opportunity. The project promises to generate thousands of jobs, spur significant infrastructure development in Balochistan, and become a major source of national export revenue for decades. The U.S. commitment also signals growing international confidence in Pakistan’s investment landscape and the strategic importance of the Reko Diq project to global markets.
