World Bank chief sets goal of quintupling critical minerals financing in five years

World Bank President Ajay Banga has set an ambitious goal to quintuple the development lender's critical minerals financing over the next five years. Speaking at the International Monetary Fund and World Bank annual meetings in Bangkok, Banga identified 20 countries as potential partners for critical minerals development projects.

The World Bank plans to allocate $19 billion in critical minerals financing for the fiscal period 2026-2030, up from $3.6 billion in the preceding fiscal years 2021-2025. This increase in financing follows a 2026 fiscal year that saw the bank mobilize $112 billion in private capital, a threefold rise from the 2022 fiscal year. The bank's metals and minerals implementation plan aims to support local industries and retain more jobs and value within host countries.

US Treasury Secretary Scott Bessent has also called for the World Bank to play a more significant role in critical minerals financing, including deep-sea mining projects, but the bank has taken a precautionary approach to this emerging sector, ensuring that any engagement aligns with applicable bank policies.