World Bank targets fivefold minerals financing by 2030

World Bank President Ajay Banga told the IMF-World Bank Annual Meetings plenary in Bangkok on Friday the lender will quintuple its critical minerals business in five years. The Metals and Minerals implementation plan targets $19 billion in financing for fiscal 2026-2030, up from $3.6 billion in fiscal 2021-2025. "In critical minerals, we plan to quintuple our business in five years," Banga said. "This week, we launched our first country compacts with MDB partners—to build local industries and keep more jobs and value at home." The bank has identified 20 countries for potential partnerships. The World Bank Group mobilised $112 billion in private capital in fiscal 2026, more than threefold the about $35 billion in fiscal 2022, with total group financing above $230 billion. US Treasury Secretary Scott Bessent said earlier this week the bank should do more on de-risking and financing mining and processing, including deep-sea mining. The bank's plan calls for a precautionary approach to deep-sea mining. Banga did not mention deep-sea mining.