ISLAMABAD: US Export-Import (Exim) Bank’s financing will bring in up to $2 billion in high-quality US mining equipment and services needed to build and operate the Reko Diq mine, US Charge d’Affaires Natalie A Baker said in a video statement on X.
“I’m pleased to highlight the US Export-Import Bank recently approved financing of $1.25 billion to support the mining of critical minerals at Reko Diq in Pakistan,” Baker said on Monday.
According to Baker, the approved financing will help facilitate equipment and services for the project “in the coming years”, generating an estimated 6,000 jobs in the United States and 7,500 jobs in Balochistan.
She said the Reko Diq mine “serves as the model for mining projects that will benefit US exporters, as well as local Pakistani communities and partners”.
Baker said the initiative aligns with the Trump administration’s approach to emphasise commercial partnerships. “The Trump administration has made the forging of deals exactly like this one central to American diplomacy,” she noted.
She added that Washington looks forward to further agreements between American companies and their Pakistani counterparts in the critical minerals and mining sector, describing the project as one that aims to “bring employment and prosperity to both our nations.”
The US diplomat’s remarks come weeks after the US Exim announced plans to invest in the country’s critical mineral projects, as Washington aims to increase its energy output.
In an interview with the Financial Times published on November 23, Exim chair, John Jovanovic, said the organisation’s deals included $1.25 billion loan for the Reko Diq mine.
The announcement is part of a plan to invest $100 billion to secure US and allied supply chains for critical minerals, nuclear energy and liquefied natural gas.
Jamila Achakzai adds: The United Kingdom Wednesday unveiled what it called a “major reset” in its development partnership with Pakistan, announcing new investment-focused cooperation, education programmes and a bilateral climate compact during a visit by UK Minister for Development Jennifer Chapman.
The announcement comes as part of an ongoing effort by the UK to go from development donor to investor, using British expertise to support countries to utilise their resources to maximum effect, while delivering growth at home, according to the British government.
It said in a statement that the UK-Pakistan relationship had reached new heights, with bilateral trade for the first time crossing £5.5 billion, and over 200 British businesses operating in Pakistan, bringing growth to both economies.
Together with Prime Minister Shehbaz Sharif, she opened her visit by launching a package of regulatory reforms that help make Pakistan a better operating environment for business, supporting the country’s continued growth and creating future opportunities for the UK business.
Chapman then launched the next phase of Pak-UK Education Gateway alongside Minister for Education Khalid Maqbool Siddiqui.
Delivered in partnership between the British Council and Pakistan’s Higher Education Commission, this initiative will enable leading academics in both countries to collaborate on shared challenges including climate change and growth. It will launch a start-up fund which will help bring innovative research to the market. And it will promote UK University courses to Pakistani students, giving them the chance to build skills at a British university, without having to leave their home cities. In her visit, she expanded areas of collaboration between the UK and Pakistan. Alongside Minister for Climate Change Musadik Malik, she has launched a new Green Compact between the countries. This is set to establish a framework for how the UK and Pakistan will work together to tackle the climate emergency, protecting nature and harnessing the green revolution, while pushing global climate ambition forward.
