ISLAMABAD:
Pakistan and the International Finance Corporation (IFC) have agreed to take steps towards financial closure of the Reko Diq project at the earliest, the Finance Ministry announced on Sunday.
According to a statement, Finance Minister Muhammad Aurangzeb met with Riccardo Puliti, IFC Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan and Pakistan, in Washington, DC.
Both parties expressed their commitment to expedite the finalization of financial arrangements for the Reko Diq project, considered one of IFC’s key engagements in Pakistan.
The Finance Ministry said Minister Aurangzeb, along with his team, had 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 its official commitments.
During the meeting, Aurangzeb highlighted Pakistan’s improving macroeconomic indicators and praised IFC’s long-standing partnership with the country.
He expressed satisfaction with the IFC’s role in promoting private sector investments in Pakistan, including multi-billion dollar projects under the 10-year Country Partnership Framework (CPF).
The statement added that both parties agreed to take steps to finalize the financing of the Reko Diq project as soon as possible. The minister also welcomed the IFC’s decision to establish a new regional office in Islamabad.
Later, the minister had a productive meeting with the President of the Islamic Development Bank (IDB), Dr. Muhammad Sulaiman Al Jasser. He thanked the IDB for its long-term support to Pakistan and reviewed the progress of ongoing projects, highlighting their timely completion.
Aurangzeb expressed gratitude to the IDB President for approving financing for two sections of the M-6 highway and expressed hope for continued cooperation in anti-polio efforts and Pakistan’s oil supply projects.
