World Bank’s Banga sets goal of quintupling critical minerals financing in five years
The plan would lift critical minerals financing to $19 billion as the bank seeks to expand mining, processing and local industry in 20 partner countries.
- On Friday in Bangkok, World Bank President Ajay Banga announced a goal of quintupling critical minerals business in five years, targeting $19 billion in financing for the 2026-2030 period.
- The United States, the World Bank's largest shareholder, has called for more financing in critical minerals; Treasury Secretary Scott Bessent urged the bank earlier this week to expand its role in mining and processing capacity.
- Banga reviewed the bank's overall fiscal 2026 performance, noting total financing reached $230 billion, which included mobilizing $112 billion in private capital—a more than threefold increase from the 2022 fiscal year.
- The bank launched its first country compacts with MDB partners this week, designed to "build local industries and keep more jobs and value at home," Banga said.
- While the bank's metals plan calls for a "precautionary approach" to deep-sea mining, Treasury Secretary Scott Bessent previously cited the sector as an area for potential infrastructure investment.
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World Bank Plans to Expand Critical Minerals Business Fivefold in Five Years, Says World Bank President Ajay Banga
Get latest articles and stories on Business at LatestLY. The World Bank Group plans to expand its critical minerals business fivefold over the next five years and has identified 20 countries for potential partnerships to develop local industries, President Ajay Banga said on Friday, highlighting efforts to retain more jobs and economic value within developing economies. Business News | World Bank Plans to Expand Critical Minerals Business Fivefo…
The World Bank plans to fivefold its funding for critical minerals over the next five years, having already identified 20 countries for development programs. World Bank President Ajay Banga said today that the development bank has set a goal to fivefold its work in the critical minerals sector over five years, and has identified 20 countries that can collaborate on major critical minerals development programs. Fivefold funding for critical miner…
World Bank chief sets goal of quintupling critical minerals financing in five years
World Bank President Ajay Banga on Friday said the development lender has set a goal of quintupling its critical minerals business in five years, and has identified 20 countries that it can partner with on critical minerals development projects.
Its president, Ajay Banga, revealed the new target in remarks at the annual meetings of the International Monetary Fund and the World Bank in Bangkok.
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