The Asian Development Bank (ADB) has approved a financing package for the Reko Diq copper-gold mine in Pakistan. ADB’s contribution consists of up to $300 million in senior loans to the Reko Diq Mining Company Private (RDMC), which owns the mine, and a $110 million partial credit guarantee to cover the equity component of the government of Balochistan.
In a media release, the ADB said it is one of several agencies funding the first phase of Reko Diq, and that it is "an innovative financing package that will help unlock greater private capital by derisking this investment."
The ADB added that the ginancing for the project will be the largest foreign direct investment in Pakistan’s history.
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