Pakistan and the Kingdom of Saudi Arabia (KSA) are moving towards finalising the nitty-gritty of the multibillion-dollar Reko Diq project in the next few months.
In another relevant development, the revised valuation of the project has been accomplished and both sides are at the stage of finalising the nitty-gritty of the project.
The Gulf nation will procure 10% stakes in the first stage, followed by an increase in future.
A person familiar with the ongoing negotiations told the publication: “One of the major stumbling blocks in finalising the project was resolved amicably, as Saudi Arabia wanted to keep a bank account outside Pakistan for utilising the foreign exchange amount in case of procurement of any machinery.
Now both sides have agreed that the foreign exchange would be brought into Pakistan, and both sides have also struck a broader agreement to this effect,” the top official said.
When asked about any time frame for striking the deal, the official said it could not be ascertained yet, but the deal was heading towards the final stages and could be struck anytime in the near future.
