World Bank’s Banga targets fivefold rise in critical minerals financing

World Bank President Ajay Banga on Friday said the development lender aims to quintuple its critical minerals business over the next five years and has identified 20 countries for potential partnerships on critical minerals development projects, according to agency reports.
Banga announced the target in prepared remarks at a plenary session during the International Monetary Fund and World Bank annual meetings in Bangkok. He said the institution had launched its first country compacts with multilateral development bank (MDB) partners to build local industries and retain more jobs and economic value within countries.The World Bank’s Metals and Minerals Implementation Plan targets $19 billion in critical minerals financing over the 2026-2030 fiscal period, compared with $3.6 billion during 2021-2025.
Critical minerals have emerged as a priority area for the United States, the World Bank’s largest shareholder, which has urged the institution to increase financing for the sector. US Treasury Secretary Scott Bessent earlier called for a greater role for the bank in supporting mining and processing capacity through project financing, risk reduction and investment in enabling infrastructure, including deep-sea mining projects.Banga did not specifically mention deep-sea mining. However, the bank’s metals plan calls for a precautionary approach to the emerging sector, stating that any engagement and investment must comply with applicable bank policies.
Banga also highlighted the World Bank Group’s broader financing efforts during the 2026 fiscal year, which ended on June 30. The institution mobilised $112 billion in private capital, more than three times the amount recorded in fiscal 2022, before he assumed office.Including lending from the World Bank’s own balance sheet, the group’s total financing reached $230 billion in fiscal 2026, Banga said.

(Business Correspondent)