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Pakistan secures 5 billion dollar funding for copper-gold project mining project

Following a US-Pakistan trade deal and tariffs on India, Pakistan has secured Rs 5 billion from global donors for the Reko Diq copper and gold mining project. Backed by major institutions like ADB, IDB, IFC, and US Exim Bank, the project is set to boost Pakistan’s mining sector and unlock its Rs 74 billion mineral potential over 37 years.

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Donald Trump. Image/File Pic

Donald Trump. Image/File Pic

Soon after Donald Trump announced a trade deal with Pakistan and slammed 25 percent tariffs on India, Pakistan now received a USD 5 billion offer from multinational donors and agencies to execute the multibillion-dollar Reko Diq copper and gold mining project. The Asian country has received the money to establish a mining project in the Balochistan region, according to a media report.

As per the reports from news agency PTI, the commitments received from foreign donors were more than the funding requirement for the Reko Diq project, which is estimated at USD 3 billion, sources told various other sources reporting the developments. 

The Asian Development Bank (ADB), Islamic Development Bank (IDB), International Finance Corporation (IFC), and US Exim Bank are some of the donors who have come forward. Also, the development agencies from Germany and Denmark have offered financing for mining projects in Balochistan. 

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