World Bank Targets $19 Billion for Critical Minerals Financing

World Bank President Ajay Banga announced a goal to quintuple the organization's critical minerals financing over the next five years. Speaking at the International Monetary Fund and World Bank annual meetings in Bangkok, Banga detailed a Metals and Minerals implementation plan targeting $19 billion in financing for the fiscal 2026-2030 period.

This target represents a significant increase from the $3.6 billion allocated between 2021 and 2025. The World Bank has identified 20 partner countries for these development projects and launched country compacts with multilateral development bank partners to foster local industries.

The shift follows calls from the United States for increased resources in the sector. While U.S. Treasury Secretary Scott Bessent specifically advocated for the bank to support deep-sea mining, Banga's plan maintains a precautionary approach to that sector, requiring consistency with bank policies.