World Bank Aims to Quintuple Critical Minerals Business

3-line summary

• World Bank President Ajay Banga said the bank aims to expand its critical minerals business five-fold within five years, naming 20 countries as potential partners. The new 'Metals and Minerals Action Plan' targets $19 billion in critical-minerals financing for fiscal years 2026-2030, up roughly five-fold from $3.6 billion in fiscal years 2021-2025.
• The announcement came at the IMF-World Bank annual meetings' plenary session in Bangkok. The first 'country compacts' with multilateral development bank partners also launched the same week, aimed at building local industry and keeping jobs and value-added activity within producing countries.
• Context: the US, the World Bank's largest shareholder, has pushed for expanded critical-minerals financing — Treasury Secretary Scott Bessent said he wants the bank to play a bigger role in expanding mining and processing capacity, including deep-sea mining projects; the bank said it takes a 'precautionary approach' to deep-sea mining and that any involvement or investment must align with its existing policies. For context, the bank mobilized $112 billion in private capital in fiscal year 2026 (ended June 30), more than triple fiscal year 2022 levels before Banga took office, with total financing including the bank's own lending reaching $230 billion.

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