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ADB says $410 million Reko Diq package to create thousands of jobs in Pakistan

ADB says $410 million Reko Diq package to create thousands of jobs in Pakistan
The hills near the proposed site of the Reko Diq copper mine in Pakistan’s province of Balochistan are seen in this undated 2010 photo. (Reuters/File)
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ADB says $410 million Reko Diq package to create thousands of jobs in Pakistan

ADB says $410 million Reko Diq package to create thousands of jobs in Pakistan
  • ADB last week approved $410 million package to develop Reko Diq, one of the world’s largest copper and gold deposits
  • Located in Pakistan’s impoverished Balochistan, mine is expected to generate $74 billion in free cash flow over 37 years

ISLAMABAD: Asian Development Bank (ADB) President Masato Kanda said this week that the institution’s $410 million financing package for Pakistan’s Reko Diq copper mine will create thousands of jobs in the country and position it to be a key supplier of critical minerals. 

Located in Pakistan’s largest province by land but also its poorest, Balochistan, Reko Diq is among the world’s biggest untapped deposits of copper and gold. The project is expected to generate approximately $74 billion in free cash flow over the next 37 years.

Kanda confirmed in a video message on Saturday that the package to develop the copper mine was approved last week. Islamabad hopes the mine will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. 

“ADB’s $410 million financing package for Reko Diq, approved last week, will create thousands of jobs while positioning Pakistan as a key supplier of critical minerals,” Kanda said.

Kanda, who visited Pakistan this week as a state guest, spoke about his brief visit to the country. The ADB official said he met Prime Minister Shehbaz Sharif, during which he conveyed his condolences at the loss of lives due to the devastating floods in the country. 

“We also discussed transformative investments, enhanced private sector engagement, and Pakistan’s role as a strategic supplier of critical minerals for the global clean energy transition,” Kanda said.

Pakistan has strived to attract international investors to its critical minerals sector in recent months. Islamabad has already attracted interest from the Trump administration and offered future concessions to US companies.

As per a report in the international news agency Reuters this month, the ADB loans and financing guarantee will support Reko Diq’s development. The report said that the financing is composed of two loans totaling $300 million to Barrick and a $110 million financing guarantee for the Pakistani government.

Canada-based Barrick Gold company owns a 50 percent stake in the Reko Diq mine and the governments of Pakistan and Balochistan own the other 50 percent.

The project is expected to start production by the end of 2028 and will produce 200,000 tons of copper per year in its first phase, with an estimated cost of $5.5 billion. The first phase is expected to be completed by 2029, Barrick’s CEO Mark Bristow told Pakistani digital media outlet Dawn News English in January.

A second phase, estimated to cost $3.5 billion, will double production, he added.


Pakistan says youth scheme disbursed $890 million loans to entrepreneurs since 2013

Pakistan says youth scheme disbursed $890 million loans to entrepreneurs since 2013
Updated 50 min 10 sec ago

Pakistan says youth scheme disbursed $890 million loans to entrepreneurs since 2013

Pakistan says youth scheme disbursed $890 million loans to entrepreneurs since 2013
  • Loans were provided to around 434,000 entrepreneurs under Prime Minister’s Youth Programme, says state media
  • As per the scheme, Pakistan’s government provides interest-free to low-interest loans to young entrepreneurs

ISLAMABAD: Pakistan’s government has disbursed Rs251.25 billion [$890 million] in loans among 434,000 young entrepreneurs since 2013, state-run media reported on Sunday, saying the initiative aimed to boost the country’s economic prospects. 

The Prime Minister’s Youth Programme’s (PMYP) scheme collaborated with 15 different banks across the country. As per this scheme, the government provides interest-free microfinance loans and low-interest loans to aspiring entrepreneurs. 

“In a major step to empower youth, the Prime Minister’s Youth Programme (PMYP) has disbursed a staggering Rs 251.25 billion to over 434,000 young entrepreneurs since 2013, catapulting a new generation of Pakistanis into the forefront of the country’s economic landscape,” the state-run Associated Press of Pakistan (APP) reported.

The report said that the scheme has provided young Pakistanis a chance to become “successful entrepreneurs” and contribute to the country’s economic growth.

In March this year, Prime Minister Shehbaz Sharif launched the “Digital Youth Hub” portal in Islamabad. The initiative connects young people to jobs, education and enhances skills development in the country.

Estimates suggest approximately 64 percent of Pakistan’s population is under the age of 30, offering a significant opportunity to drive economic growth through a young workforce contributing to entrepreneurship, innovation and diversification.

The South Asian country has attempted to revive its economy by reinvigorating its small-and-medium enterprises sector in recent months. A thriving SME sector reduces unemployment, increases the GDP growth of a country, boosts exports and reduces dependency on large multinationals or established corporations.


Pakistan president gives assent to bill allowing 3-month detention of ‘terrorism’ suspects

Pakistan president gives assent to bill allowing 3-month detention of ‘terrorism’ suspects
Updated 31 August 2025

Pakistan president gives assent to bill allowing 3-month detention of ‘terrorism’ suspects

Pakistan president gives assent to bill allowing 3-month detention of ‘terrorism’ suspects
  • Law strengthens security agencies’ ability to counter “terrorism,” ensures transparency in detentions, says president’s office
  • Detainees will have legal recourse through federal, provincial review boards comprising top court, high court judges, says bill 

ISLAMABAD: President Asif Ali Zardari on Sunday gave his assent to a controversial bill that empowers security agencies to detain suspects of “terrorism” and other serious crimes for up to three months, his office confirmed, saying the move would help security agencies maintain law and order. 

Pakistan’s upper house of parliament or Senate approved amendments to the Anti-Terrorism Act (ATA) bill earlier this month. Law Minister Azam Nazeer Tarar had defended the bill by saying it created a lawful framework for preventive detention that would strengthen counterterrorism operations. 

Enforced disappearances have long been a contentious issue in Pakistan, particularly in its southwestern Balochistan province, which has been the site of a decades-old separatist insurgency. Families and rights groups there have often accused state institutions of arbitrary detentions and extrajudicial killings. Authorities deny the allegations, but the practice has remained a source of domestic and international criticism.

“President Asif Ali Zardari has assented to the Anti-Terrorism (Amendment) Bill, 2025,” the president’s official account on X wrote. 

“The law strengthens security agencies’ ability to counter terrorism, ensures transparency in detentions with a 3-year sunset clause, and introduces judicial oversight & safeguards.”

According to Pakistan’s parliamentary procedures and law, a bill passed by both houses of parliament requires the president’s assent to officially become law. The bill was passed earlier this month by Pakistan’s National Assembly before it was presented in the Senate. 

The government has said the new law will replace illegal practices and address concerns raised by families of “missing persons.”

WHAT THE LAW SAYS

The amendment allows the government, armed forces and civil armed forces to place terrorism suspects under preventive detention for up to 90 days, based on credible information or reasonable suspicion. Enforcement in provinces will require approval from respective governments, and detainees will have legal recourse through federal and provincial review boards made up of Supreme Court and high court judges.

The bill also gives legal cover to joint interrogation teams (JITs) comprising officials from multiple law enforcement and intelligence agencies, with the aim of making operations more effective.

Opposition parties, including jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI), strongly opposed the amendment in the Senate when it was presented for voting, warning that it could be misused against government critics.
 
The development takes place as Pakistan battles twin insurgencies in its northwestern Khyber Pakhtunkhwa (KP) and Balochistan provinces. The country has seen a spike in militant attacks ever since a fragile truce between the state and the Pakistani Taliban broke down in November 2022. 

Meanwhile, ethnic Baloch separatist groups in Balochistan demand independence from Islamabad, accusing the center of robbing the local population of the province’s natural resources. 

Pakistan’s civilian government and military strongly deny the allegations and say that several health, education and infrastructure projects are in place in Balochistan to help its population. 


Dubai’s DP World to invest $400 million in Pakistan rail freight corridor

Dubai’s DP World to invest $400 million in Pakistan rail freight corridor
Updated 31 August 2025

Dubai’s DP World to invest $400 million in Pakistan rail freight corridor

Dubai’s DP World to invest $400 million in Pakistan rail freight corridor
  • Corridor will improve movement of freight from Pakistan’s commercial hub Karachi to various parts of the country
  • Project to reduce port congestion, accelerate trade facilitation, modernize logistics infrastructure, says state-owned NLC

PESHAWAR: Dubai-based DP World will invest $400 million in a freight corridor from Pakistan’s southern port city of Karachi to the Pipri marshalling yard, the state-run National Logistics Corporation (NLC) said on Sunday. 

The Karachi Freight Corridor is an infrastructure project in Pakistan aimed at improving movement of freight from Karachi, Pakistan’s largest city by population and its commercial hub, to various parts of the country. The project involves the construction of a dedicated double-track corridor and other related facilities that will run 50 km from Karachi port to the Pipri marshalling yard.

“The construction of the dedicated freight corridor Pipri project will commence with immediate foreign direct investment of $20 million, which will subsequently reach $400 million under a joint venture agreement between DP World/National Logistics Corporation (NLC) and Pakistan Railways,” the statement said. 

Pakistan and the UAE last year signed two inter-governmental framework agreements to establish a dedicated rail freight corridor and economic zone near Karachi. 

The agreements cover plans for over $3 billion investments in railways, economic zones and infrastructure. DP World will act on behalf of Dubai, while the Pakistan Railways and Port Qasim Authority will act on behalf of Pakistan.

The NLC pointed out that once operational, the Karachi Freight Corridor project will significantly reduce port congestion, accelerate trade facilitation and modernize Pakistan’s logistics infrastructure. 

It said the move would help boost imports, exports and the overall economic activity in the country.

By investing in freight and port infrastructure, Islamabad hopes to capture a larger share of regional trade flows, a goal that has gained urgency as Pakistan struggles to revive its economy and expand exports.

DP World has been collaborating with NLC in improving Pakistan’s logistics infrastructure. Earlier this week, the NLC and DP World completed their first commercial cargo delivery from the UAE to Tajikistan via Karachi. 

The collaboration entailed moving 38 tons of automotive spare parts from Jebel Ali port in Dubai to Karachi and then transporting them overland to Dushanbe. 

The journey was completed in just 16 days, which DP World said was the fastest transit time currently available between Dubai and Dushanbe. Competing routes typically take between 20 and 70 days.


Pakistani president urges SCO summit to promote multilateralism in trade, technology

Pakistani president urges SCO summit to promote multilateralism in trade, technology
Updated 31 August 2025

Pakistani president urges SCO summit to promote multilateralism in trade, technology

Pakistani president urges SCO summit to promote multilateralism in trade, technology
  • China’s trade with SCO member states rose to half a trillion dollars during 2024, notes President Asif Ali Zardari 
  • PM Shehbaz Sharif is in China to attend SCO summit alongside Russia’s Vladimir Putin, India’s Narendra Modi 

ISLAMABAD: Pakistan’s President Asif Ali Zardari on Sunday called for the ongoing Shanghai Cooperation Organization (SCO) summit to promote multilateralism in the form of economic, financial, commercial and technological ties among member states. 

These thoughts were expressed by the Pakistani president in a column for the English-language Chinese newspaper, ‘China Daily,’ on Sunday. The column was published as Prime Minister Shehbaz Sharif joins several world leaders, including Russia’s Vladimir Putin and India’s Prime Minister Narendra Modi, in the Chinese city of Tianjin for the SCO’s Aug. 31 to Sept. 1 regional summit. 

The SCO comprises China, India, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Belarus, with 16 more countries affiliated as observers or “dialogue partners.” China has long sought to present the SCO as a counterweight to Western-led power blocs and has pushed for greater collaboration between its member states. 

“One of the pressing tasks for the Summit is to promote and practice true multilateralism covering not just peace and security but economic, financial, commercial and technological ties among nations,” Zardari wrote.

“It is our obligation to strengthen global institutions.”

The Pakistani president noted that the SCO’s performance over the past decade in countering “terrorism,” curbing transnational crimes, especially drug trafficking, has been “impressive.”

He said the SCO summit gives regional leaders a platform to chart a roadmap for the next decade of “holistic development” for SCO members. Zardari said improving economic, technological and commercial cooperation among member states would help them contain and control volatility in international markets, ensure stability. 

“In 2024, China’s trade with SCO nations rose to a whopping half a trillion dollars, which is proof of the organization’s growing heft,” he wrote. 

China is a major ally and investor in Pakistan. Over the course of a decade, Beijing has funneled tens of billions of dollars into massive transport, energy and infrastructure projects in Pakistan as part of the China-Pakistan Economic Corridor. 

Zardari said Pakistan is proud of China’s rise and leadership at the global and regional stage. He added that Beijing and Islamabad supported each other on core issues and common principles of respect for sovereignty, territorial integrity and political independence. 

“My visit to China in February this year reinforced my conviction that although together we have made huge strides,” he wrote. 

“We are destined to play an even bigger role to strengthen our bilateral ties in diverse fields – defense, cybersecurity, new technologies, energy – and make our regions both conduits and destinations for commerce and shared prosperity.”

Sharif, who arrived in China on Saturday, will remain in the country till Sept. 4 and hold talks with senior Chinese leadership, including President Xi Jinping and Prime Minister Li Qiang, Pakistan’s foreign office said in a statement.

During the visit, the Pakistani prime minister will also chair the second Pakistan-China B2B Investment Conference in Beijing on Sept. 4 to boost trade and investment ties, the PM Office said in an earlier statement on Saturday.


Pakistan to use satellites to gauge crop losses, compensate farmers after Punjab floods

Pakistan to use satellites to gauge crop losses, compensate farmers after Punjab floods
Updated 31 August 2025

Pakistan to use satellites to gauge crop losses, compensate farmers after Punjab floods

Pakistan to use satellites to gauge crop losses, compensate farmers after Punjab floods
  • Punjab health minister says river levels are easing but rehabilitation will begin once waters recede
  • Over 45,000 people evacuated in Kasur as floodwaters breach Indian embankment, swamp villages

KASUR, Pakistan: The administration of Pakistan’s eastern Punjab province will use satellite imagery to assess crop losses from this week’s devastating floods and compensate farmers, a provincial minister said on Saturday, as raging rivers submerged farmland and forced tens of thousands to flee their homes.

The flooding began on Monday after India released water into the Chenab, Ravi and Sutlej rivers following several heavy monsoon spells, swelling their flows and inundating vast tracts of land. As the rivers surged into Pakistan, they destroyed rice fields and fodder crops, swept away herds and submerged entire settlements, uprooting farming families and leaving them without food or income.

In Punjab’s Kasur district, which borders India, more than 45,000 people were evacuated on Friday night alone after powerful floodwaters broke an embankment on the Indian side of the Sutlej.

On Saturday, flocks of people were still seen moving out of their villages near Ganda Singh Headworks with livestock, many struggling in heavy rain.

“We have information on the [damaged] crops through satellite,” Punjab Health Minister Khawaja Salman Rafique told Arab News while visiting the area.

“The satellite will tell us that water entered one field and not another,” he continued. “So, on the basis of facts, data and analysis, [people will be] compensated.”

Rafique’s statement came at a time when thousands of farmers in the province had expressed despair amid impending financial pressures after losing much of their crops this year.

He said water levels in the Sutlej, Ravi and Chenab had begun to ease but large-scale rehabilitation would only begin once the rivers receded.

People, mostly women and children, continued to leave their houses, many of them saying they fear more floodwater could flow from India.

“I have come to take my children to safety but we have left three men behind to take care of animal,” Ismail Ahmad, an uprooted villager, told Arab News.

District Emergency Officer Dr. Nayyar Alam said 81 rescue teams were operating in the area and had helped evacuate residents and save more than 4,500 animals.

“Many people did not want to leave their homes and animals [even after floods], but last night the rising water level forced them to make calls for help,” he said.

Deputy Commissioner Kasur Imran Ali said around 127 villages had been hit by floodwaters in the district.

He said out of more than 45,000 people evacuated Friday night, only about 500 opted to go to government relief camps set up in schools.

“Most of the people want to stay with their relatives for a few days until the flood is over,” he said.

Meanwhile, at a camp in District Public School, some evacuees had already developed scabies and diarrhea, underscoring fears of water-borne diseases.

Authorities said medical camps were established in advance and medicine stocks had been dispatched to vulnerable areas.

Rice fields in Kasur were seen submerged in up to 13 feet of water, in what officials described as the worst flooding in nearly four decades.