World Bank to quintuple critical minerals financing to $19 billion

The World Bank has launched a new metals and minerals strategy implementation plan aimed at quintupling its financing for critical minerals in emerging markets over the next five years. President Ajay Banga announced at the International Monetary Fund and World Bank annual meetings in Bangkok that the institution targets $19 billion in financing for the fiscal 2026-2030 period, a significant increase from the $3.6 billion provided during the 2021-2025 period.

The initiative is designed to address the escalating global demand for minerals essential to the clean energy transition, such as lithium, cobalt, and copper. The bank has identified 20 countries for potential partnership through country compacts intended to build local industries and retain value within those nations.

While the plan addresses the need for increased mining and processing capacity, the bank noted it will take a ‘precautionary approach’ to the nascent deep-sea mining sector, ensuring all investments remain consistent with existing policies. The move follows calls from major shareholders, including the United States, to use the bank to de-risk projects and improve infrastructure in the sector.