World Bank Announces Ambitious Expansion of Critical Minerals Business
World Bank President Ajay Banga disclosed during the plenary session of the International Monetary Fund and World Bank annual meetings in Bangkok that the development lender will quintuple its critical minerals business within five years. The new Metals and Minerals implementation plan sets a financing target of $19 billion for the fiscal 2026‑2030 period, a rise from $3.6 billion allocated in the preceding fiscal 2021‑2025 window.
The strategy identifies 20 countries as potential partners for development projects in the critical minerals sector. While the plan encourages expanded mining and processing capacity, it adopts a precautionary approach to deep‑sea mining, stating that any engagement must conform to existing World Bank policies.
U.S. Treasury Secretary Scott Bessent reinforced the push, urging the Bank to broaden its role in de‑risking projects, providing finance, and investing in infrastructure for critical minerals, explicitly including deep‑sea mining initiatives.
In a broader financing review, Banga noted that for fiscal year 2026—ending 30 June—the World Bank mobilized $112 billion in private capital, more than three times the amount mobilized in fiscal 2022. When combined with lending from the Bank’s balance sheet, total financing reached $230 billion for fiscal 2026.
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