Pakistan, IFC move toward Reko Diq financial close

Pakistan and the International Finance Corporation (IFC) have agreed to take measures aimed at the early financial close of the Reko Diq project, the Ministry of Finance announced on Sunday.

According to a statement, Minister for Finance Muhammad Aurangzeb met with Riccardo Puliti, IFC's regional vice president for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, in Washington, DC.

Both sides expressed their commitment to accelerate the completion of the financial arrangements for the Reko Diq project, which is considered one of IFC's key engagements in Pakistan.

The Finance Ministry said Minister Aurangzeb, accompanied by his team, arrived in Washington to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. The meeting with the IFC marked the start of his official engagements.

During the meeting, Aurangzeb highlighted Pakistan's improving macroeconomic indicators and commended the IFC's longstanding partnership with the country.

He expressed satisfaction with the IFC's role in promoting private-sector investment in Pakistan, including multi-billion-dollar projects under the 10-year Country Partnership Framework (CPF).

The statement added that both sides agreed to take steps to finalize the financing for the Reko Diq project at the earliest. The minister also welcomed the IFC's decision to establish a new regional office in Islamabad.

Later, the minister held a productive meeting with Islamic Development Bank (IsDB) President Dr Muhammad Sulaiman Al Jasser. He thanked the IsDB for its long-term support to Pakistan and reviewed the progress of ongoing projects, emphasizing their timely completion.

Aurangzeb expressed gratitude to the IsDB president for approving financing for two sections of the M-6 Motorway and voiced hope for continued cooperation in Pakistan's anti-polio efforts and oil supply projects.