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THE World Bank plans to increase its critical minerals business fivefold over the next five years as it steps up financing for mining and processing projects, Reuters reported.
President Ajay Banga said the lender had identified 20 countries where it could partner on critical minerals development projects.
“In critical minerals, we plan to quintuple our business in five years,” Banga said in prepared remarks to the IMF and World Bank annual meetings in Bangkok.
The bank this week launched its first country compacts with other multilateral development banks, aimed at building local industries and retaining more jobs and value in producer countries.
Under its new Metals and Minerals implementation plan, the World Bank is targeting $19 billion in critical minerals financing between fiscal 2026 and 2030, up from $3.6bn in the previous five-year period.
The push follows calls from the US, the bank’s largest shareholder, for it to devote more resources to critical minerals.
US Treasury Secretary Scott Bessent said this week the World Bank should help de-risk mining and processing projects and finance supporting infrastructure.
He also raised deep-sea mining, although Banga did not refer to it. The bank’s minerals plan advocates a “precautionary approach” to the sector.
Banga also said the World Bank mobilised $112bn in private capital in the year to June 2026. Total financing, including lending from its own balance sheet, reached $230bn.