Key points
- The bank targets $19 billion in critical minerals financing for fiscal 2026 to 2030, up from $3.6 billion.
- It has identified 20 countries to partner with on projects.
- Total group financing reached $230 billion in fiscal 2026.
World Bank President Ajay Banga said Friday the development lender has set a goal of quintupling its critical minerals business in five years and has identified 20 countries it can partner with on projects.
Banga announced the target in prepared remarks to a plenary session at the International Monetary Fund and World Bank annual meetings in Bangkok. “In critical minerals, we plan to quintuple our business in five years,” he 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’s new Metals and Minerals implementation plan targets $19 billion in critical minerals financing over fiscal 2026 to 2030, compared with $3.6 billion over fiscal 2021 to 2025.
Pressure from Washington
The United States, the bank’s largest shareholder, has urged it to devote more resources to the sector.
US Treasury Secretary Scott Bessent said earlier this week he wants the bank to play a bigger role in mining and processing capacity through project de-risking, finance and enabling infrastructure, including deep-sea mining.
Banga did not mention deep-sea mining. However, the bank’s plan calls for a “precautionary approach” to the nascent sector, with any engagement consistent with applicable bank policies.
Record financing year
Banga also reviewed fiscal 2026, which ended June 30. The bank mobilized $112 billion in private capital, more than three times the level in fiscal 2022, before he took the role.
Together with lending from its own balance sheet, total group financing reached $230 billion.
