
MANILA: The Asian Development Bank (ADB) said on Friday that it has approved up to $410 million in financing for the Reko Diq copper–gold mine in Pakistan.
The package comprises up to $300 million in senior loans to Reko Diq Mining Company and a $110 million partial credit guarantee to cover the equity contribution of the Government of Balochistan, where the mine is based.
When fully operational, Reko Diq is expected to become the world’s fifth-largest copper mine. The project is forecast to create thousands of jobs, boost regional growth and support health and education programmes, the ADB added.
The ADB Board of Directors’ approval authorises the bank to proceed with finalising loan documentation and other requirements before the financing can be formally committed through signed agreements at a later date.
By RSS/Xinhua