The World Bank plans to increase its critical minerals business fivefold over the next five years, with a target of $19 billion in financing between fiscal 2026 and 2030, according to President Ajay Banga.
Speaking during a plenary session at the International Monetary Fund and World Bank annual meetings in Bangkok, Banga said the development lender had identified 20 countries for potential partnerships involving critical minerals development projects.
The initiative forms part of the World Bank’s Metals and Minerals implementation plan, which seeks to expand financing for mineral extraction, processing and associated infrastructure while supporting the development of domestic industries in participating countries.
Critical Minerals Financing Set to Increase From $3.6 Billion
Under the new plan, the World Bank aims to provide $19 billion in critical minerals financing during the fiscal 2026–2030 period, compared with $3.6 billion allocated between fiscal 2021 and 2025.
The proposed increase represents more than five times the financing provided during the previous five-year period.
Banga said the bank had introduced its first country compacts with multilateral development bank partners during the week. These arrangements are intended to support local industrial development and help participating countries retain more employment opportunities and economic value from their mineral resources.
The World Bank has identified 20 countries as potential partners, although the announcement did not specify individual countries or provide financing allocations for particular projects.
US Treasury Calls for Expanded Mining and Processing Investment
The United States, the World Bank’s largest shareholder, has called for the institution to increase its involvement in financing critical minerals development.
US Treasury Secretary Scott Bessent said earlier in the week that he wanted the bank to expand its support for mining and processing capacity through project risk reduction, financing and infrastructure investment.
Bessent also identified deep-sea mining as an area that could be included in the World Bank’s expanded activities.
However, the bank’s Metals and Minerals implementation plan outlines a precautionary approach to deep-sea mining.
According to the plan, any involvement in or financing of deep-sea mining projects must comply with the World Bank’s applicable policies.
World Bank Reports $230 Billion in Total Fiscal 2026 Financing
Alongside the critical minerals initiative, Banga provided an update on the World Bank’s broader financing activities for fiscal 2026, which ended on June 30.
The institution mobilised $112 billion in private capital during the financial year, more than three times the amount recorded in fiscal 2022, before Banga assumed his position as president.
Including financing provided through the World Bank’s own balance sheet, total financing reached $230 billion in fiscal 2026.
The figures reflect the institution’s financing activity across its wider operations, rather than funding allocated exclusively to critical minerals projects.
The planned expansion of critical minerals financing will take place over the fiscal 2026–2030 period, with potential country partnerships and project investments subject to further development.