The United States has allocated 1.3 billion dollars for Pakistan’s Reko Diq mining project in Balochistan. The funding covers a major share of the project’s development cost. It marks a significant step for one of Pakistan’s largest mineral ventures.
The financing was approved under the US Export-Import Bank’s critical minerals framework. This programme supports extraction and processing of minerals vital for global supply chains. Consequently, Reko Diq was selected as a strategic project.
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The allocation is part of Project Vault, a ten billion dollar initiative. The programme aims to strengthen supply security and build reserves of critical minerals. Reko Diq’s funding forms a key portion of this broader plan.
The project is being developed by Pakistan with a Canadian mining company. It requires a total investment of about 3.2 billion dollars. Construction work has already begun, while commercial production is planned for 2028.
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Meanwhile, the Exim Bank has approved funding for similar projects worldwide. These include mineral processing and mining ventures across the United States, Australia, and the United Kingdom. Over the past year, letters of interest worth 14.8 billion dollars were issued globally.