The World Bank has outlined plans to expand its critical minerals financing activities to $19 billion over the fiscal 2026–2030 period, compared with $3.6 billion during the preceding five years.
President Ajay Banga announced the target at the International Monetary Fund and World Bank annual meetings in Bangkok, where he also confirmed that the institution had identified 20 countries for potential cooperation on mineral development projects.
The proposed expansion is part of the World Bank’s Metals and Minerals implementation plan, which includes efforts to increase investment in mineral-related industries and infrastructure.
New Financing Target Covers Five-Year Period
The World Bank’s $19 billion target represents an increase of more than fivefold from the $3.6 billion provided for critical minerals activities between fiscal 2021 and 2025.
The plan covers the fiscal years 2026 through 2030 and is intended to expand the bank’s involvement in financing projects associated with mineral production and processing.
Banga said the institution had launched its first country compacts in cooperation with other multilateral development banks.
These agreements are designed to encourage the development of domestic industries in mineral-producing countries, with an emphasis on retaining employment and a greater proportion of economic value within national economies.
The World Bank has selected 20 countries for potential partnerships, although details of individual projects, participating governments and financing commitments were not disclosed.
US Supports Greater World Bank Role in Critical Minerals
The announcement follows calls from the United States for the World Bank to increase its financing activities in the critical minerals sector.
US Treasury Secretary Scott Bessent said earlier in the week that the institution should play a larger role in supporting mining operations, processing facilities and related infrastructure.
He identified project risk reduction and financing as mechanisms through which the World Bank could support additional investment.
Bessent also included deep-sea mining among the activities he wanted the institution to consider.
The World Bank’s implementation plan, however, adopts a precautionary position on deep-sea mining, requiring any related engagement or investment to comply with its existing policies.
Private Capital Mobilisation Reaches $112 Billion
Banga also presented figures covering the World Bank’s overall financing operations during fiscal 2026, which ended on June 30.
The institution mobilised $112 billion in private-sector capital during the period, representing more than three times the amount mobilised in fiscal 2022.
The earlier period preceded Banga’s appointment as president of the development lender.
When financing from the World Bank’s own balance sheet is included, total financing for fiscal 2026 amounted to $230 billion.
These figures cover the institution’s overall financing operations and are separate from the five-year critical minerals target.
The World Bank’s Metals and Minerals implementation plan establishes a financing objective through fiscal 2030, while the 20 identified countries represent potential partners for future mineral development initiatives.
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