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ISLAMABAD: The United States has announced a new commitment of $1.25 billion in financing through the US Export-Import Bank to support the development of the Rico Deep critical minerals project in Balochistan, a move officials say will boost investment, create jobs and strengthen commercial ties between the two countries.&nbsp;In a video message, US Charg&eacute; d&rsquo;Affaires Natalie Baker said the financing would be transformative for both American businesses and local communities in Pakistan. &ldquo;I&rsquo;m pleased to highlight the US Export-Import Bank recently approved financing of $1.25 billion to support the mining of critical minerals at Rico Deep in Pakistan,&rdquo; she said.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 873px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1998654886850773219&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=f59b6a1ede08621f7e3bf5ff2e3ac6c33ac82f89&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px">&nbsp;&nbsp;</iframe></div></div> She noted that the EXIM&rsquo;s project financing will bring in up to $2 billion in high-quality US mining equipment and services needed to build and operate the Rico Deep mine, along with creating an estimated 6,000 jobs in the US and 7,500 jobs in Balochistan, Pakistan.&nbsp;Baker said the project represents a new model of cooperation between Washington and Islamabad. &ldquo;The Rico Deep project serves as a model for mining projects that will benefit US exporters as well as local Pakistani communities and partners by bringing employment and prosperity to both our nations,&rdquo; she added.&nbsp;She noted that the initiative aligns with the Trump administration&rsquo;s approach to economic diplomacy. &ldquo;The Trump administration has made the forging of deals exactly like this one central to American diplomacy. We look forward to seeing further agreements between US companies and their Pakistani counterparts in the critical minerals and mining sector,&rdquo; she said.&nbsp;The US official said the financing will help unlock long-term opportunities in Balochistan&rsquo;s mineral sector, support infrastructure development, and deepen commercial engagement between the two countries.

Economy

US Chargé d’Affaires Natalie Baker says the financing package would act as a “game-changer” by supporting American companies looking to invest in Pakistan while creating jobs and improving livelihoods in local communities.

Articles tagged with "economic growth"

US commits $1.25bn in EXIM Bank financing to boost growth in Balochistan