US approves $1.3b loan for Pakistan’s Reko Diq project

WASHINGTON: The United States has approved a loan of $1.3 billion for Pakistan’s Reko Diq mining project, marking a major step in strengthening cooperation on critical minerals and supply chains.

The decision was taken during a meeting chaired by the US Secretary of State in Washington, where participants discussed ways to secure the supply of important minerals and ensure stable global distribution.

The meeting also focused on developing new supply chain sources and promoting secure, reliable transportation and logistics networks.

According to officials, the loan has been approved under former US President Donald Trump’s “Walt Project” framework and will be provided by the US Export-Import Bank to support the Reko Diq project in Pakistan.

The Reko Diq project is considered one of the world’s largest undeveloped copper and gold reserves and is seen as strategically important for both Pakistan’s economy and global mineral supply chains.