Key facts
- World Bank plans to quintuple critical minerals financing to $19 billion by fiscal year 2030.
- The previous five-year period (FY2021-2025) saw $3.6 billion in critical minerals financing.
- The bank has identified 20 countries for potential partnerships on critical minerals development.
World Bank President Ajay Banga announced on Friday that the development lender aims to quintuple its critical minerals business within five years, targeting $19 billion in financing for fiscal years 2026-2030. This initiative aims to boost local industries and retain value at home, aligning with US Treasury Secretary Scott Bessent's call for greater World Bank involvement in critical minerals mining and processing. The bank has identified 20 countries for potential partnerships. In fiscal year 2026, the World Bank mobilized $112 billion in private capital, contributing to a total group financing of $230 billion.