World Bank’s Banga sets goal of quintupling critical minerals financing in five years

World Bank President Ajay Banga announced on Friday that the financial institution aims to quintuple its investments in critical minerals over the next five years. During a speech 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 over the fiscal years 2026-2030, up from $3.6 billion in the 2021-2025 period. The new Metals and Minerals implementation plan seeks to mobilize $112 billion in private capital, a threefold increase from the 2022 fiscal year, during fiscal 2026.