World Bank President Ajay Banga on Friday set a target to quintuple the institution's critical minerals business over five years, with a new financing plan targeting $19 billion in the sector during fiscal 2026-2030, up from $3.6 billion in the previous five-year period, as the development lender looks to build local industries and retain more economic value in developing countries.
The World Bank has identified 20 countries for potential partnerships on critical minerals development, Banga said at a plenary session during the International Monetary Fund and World Bank annual meetings in Bangkok. The initiative will involve collaboration with other multilateral development banks (MDBs) to support domestic industries, create jobs and ensure mineral-producing economies capture a greater share of the value generated from their resources.
