Neighboring country Pakistan has received approval for another loan. The International Finance Corporation (IFC) and the World Bank have approved a concessional loan of US $ 70 million for Pakistan’s leading mining and resource development project. The ‘RECO Dik’ project will be carried out in the Balochistan province, known as the mineral rich region of Pakistan. According to the news of the newspaper ‘Express Tribune’, the approval given by the International Finance Corporation and the World Bank to the $ 700 million loan is considered a significant victory for Pakistan.
Pakistan hopes to invest $ 2.5 billion in project
Pakistan is expected to have a large investment from the private sector after the approval for a loan of $ 70 million. The country that raise terrorists is expected to get an investment of US $ 2.5 billion in the ‘RECO Dik’ project, one of its most important initiative. The project is expected to play an important role in the resource development sector of the country. ‘Barrical Gold’, the Government of Pakistan and Balochistan jointly owe the project. This mine is expected to start production in 2028.
Pakistan is growing on loan money
The neighboring country of India is fulfilling most of its needs with the money of Pakistan loan. Pakistan gets the most loans from China. Apart from China, World Bank, IMF, Asian Development Bank and IFC are also giving loans to Pakistan. The IMF has recently given a loan of $ 1.02 billion to Pakistan. Let us tell you that India and the IMF had opposed the loan to Pakistan. India said that Pakistan can use these money to promote terrorism and buy weapons.
With PTI inputs
Latest business news
