Uzbekistan agrees $4.7 billion energy package and seeks nuclear expansion
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World Bank sets $19 billion goal for critical minerals financing
President Ajay Banga outlined a fivefold expansion over five years, with 20 countries identified as potential project partners.
Financing for critical minerals would reach $19 billion across fiscal 2026-2030 under a World Bank plan outlined by President Ajay Banga on October 16. The lender aims to expand that business fivefold over five years, compared with financing of $3.6 billion during fiscal 2021-2025.
Speaking through prepared remarks at the annual meetings in Bangkok of the International Monetary Fund and World Bank, Banga said 20 countries had been identified for possible partnerships on minerals projects.
Banga said the first country compacts with multilateral development bank partners had been launched. Their aim is to develop domestic industries while retaining more employment and value within participating countries.
The United States, the lender's largest shareholder, has sought greater financing for the sector. Treasury Secretary Scott Bessent said he wanted expanded bank support for mining and processing through financing, measures to reduce project risks and investment in supporting infrastructure. His request included deep-sea mining.
That activity was absent from Banga's remarks. The bank's Metals and Minerals implementation plan urges caution toward the emerging sector and requires any participation or investment to conform to applicable bank policies.
Separately, Banga said private capital mobilized by the group reached $112 billion during fiscal 2026, which ended June 30. That was more than triple the fiscal 2022 amount. Including its own balance-sheet lending, the group's financing totaled $230 billion, he said.