Islamabad:
In a significant victory for Pakistan, International Finance Corporation (IFC) and the World Bank have approved a $ 250 million concession loan for the REKO DIQ project, a major mining and resource development initiative.
This approval, which was awarded during a board meeting in Washington, is a significant diplomatic victory for Pakistan and a major setback for India that had actively lobbyed against financing.
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 of securing this loan is a testimony to the effective diplomatic efforts of Pakistan, especially in the light of resistance from India.
Dr. Tauqeer Hussain Shah, adviser to the prime minister, played a key role in this performance. He led efforts on the World Bank, successfully lobbying for the loan. His contribution was instrumental in securing this approval and marking an important milestone in success with the REKO DIQ project.
This loan approval strengthens Pakistan’s financial position and highlights its successful diplomatic maneuver by ensuring vital investments in the nation’s future. The support of this major project is especially important in the light of regional geopolitical tensions, where India actively seeks to block the project’s financing.
With this decision, Pakistan has taken a crucial step forward to secure success with the REKO DIQ project, which is expected to play a key role in the country’s resource development sector.
