Overview

• The Economic Coordination Committee endorsed Phase I financing at $7.723 billion, a 14% increase from the March estimate.
• Project debt rises to $3.5 billion, with lenders arranging the package as the equity and borrowing terms are finalized.
• State-owned enterprises will meet contributions over seven years via PMPL, with initial foreign exchange to come from OGDCL and PPL reserves and government backstop if needed.
• The structure includes a government completion guarantee and an ADB guarantee covering Balochistan Mineral Resource Limited equity.
• Officials reported fresh interest from Japan in participating as an investor, and project documents target first concentrate by the end of 2028.