World Bank Targets $19 Billion for Critical Minerals by 2030
Ajay Banga said the bank aims to increase critical minerals financing fivefold and identified 20 potential partner countries.
Key takeaways
- The World Bank set a $19 billion critical minerals financing target for fiscal 2026-2030.
- The target compares with $3.6 billion in financing during fiscal 2021-2025.
- The bank identified 20 potential partner countries, whose names have not all been disclosed.
The World Bank aims to quintuple its critical minerals business over five years, President Ajay Banga said Friday in Bangkok. The bank’s metals and minerals plan targets $19 billion in financing during fiscal 2026-2030.
That compares with $3.6 billion in financing in fiscal 2021-2025. Banga said the bank had identified 20 countries for potential critical minerals projects and launched its first country compacts with multilateral development bank partners this week.
The partnerships are intended to build local industries and keep more jobs and value in producer countries, Banga said. The plan covers more than mining, according to Dünya, with support also aimed at processing and other industry development.
The $19 billion is a five-year target, not funding already allocated to specific countries or projects, Dünya reported. The names of all 20 potential partners have not been disclosed.
The United States has called for the World Bank to devote more financing to critical minerals. Banga did not mention deep-sea mining in his remarks; the bank’s plan calls for a “precautionary approach” to the emerging sector.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
