ADB approves financing for Pakistan's Reko Diq copper-gold mine

MANILA, Aug. 22 (Xinhua) -- The Asian Development Bank (ADB) said Friday that it has approved up to 410 million U.S. dollars in financing for the Reko Diq copper-gold mine in Pakistan.

The package includes up to 300 million dollars in senior loans to Reko Diq Mining Company and 110 million dollars in partial credit guarantee to cover the equity component of the Government of Balochistan province, where the mine is located.

When fully complete, Reko Diq is expected to be the world's fifth-largest copper mine. It is expected to generate thousands of jobs, boost regional growth, and support health and education programs, added the ADB.

The approval by ADB's Board of Directors authorizes the bank to proceed with finalizing the loan documentation and other requirements before the financing can be formally committed through signed agreements at a later date. Enditem