ECC agrees on crucial contracts to clear path for Reko Diq development project
The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Muhammad Aurangzeb, recently approved several key agreements and financial commitments. Among these, the Reko Diq copper-gold mining project in Balochistan was a significant highlight.
The ECC's approval paves the way for the implementation of the Reko Diq project, which is expected to be submitted by March 2026. Finance Minister Aurangzeb described the project as a "transformative opportunity" for Balochistan and the wider economy, promising to catalyse job creation, infrastructure development, and long-term socio-economic uplift.
The Asian Development Bank (ADB) has also approved a $410 million financing package for the Reko Diq project. This financing will be used for constructing a 1,350 km railway track for transporting ore from Balochistan.
In addition to the Reko Diq project, the ECC also cleared a summary from the Ministry of Railways for a rail development agreement and bridge financing worth $390 million.
The ECC meeting also saw the approval of a draft amendment to the Competition Ordinance, 2007, and an agreement on financial proposals for assets and liabilities related to the acquisition of Ufone by PTML.
The committee directed that any material changes during execution be referred back to the ECC for approval. The agreement documents were instructed to be shared with the Finance Division for appraisal.
Petroleum Minister Ali Pervaiz Malik, Food Security Minister Rana Tanveer Hussain, Board of Investment Minister Qaiser Ahmed Sheikh, federal secretaries, and senior officials from relevant ministries and regulators attended the meeting. The Finance Division made the announcement in a statement.
The Reko Diq project, with its potential to boost the economy and create opportunities, is a significant step forward in Pakistan's development journey. The approval of the ECC marks a crucial milestone in the project's implementation and is expected to bring about positive changes in the near future.
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