World Bank Targets Fivefold Increase in Critical Minerals Financing Over Five Years

World Bank Group President Ajay Banga said on Friday that the development lender aims to increase its critical minerals business fivefold over the next five years. He also announced that the institution has identified 20 countries with which it could partner on critical minerals development projects.

Banga outlined the goal in prepared remarks at the plenary session of the International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand.

“In critical minerals, we plan to quintuple our business in five years,” Banga said. He added that the World Bank Group had launched its first country compacts with multilateral development bank (MDB) partners to develop local industries and retain more jobs and economic value within participating countries.

The World Bank’s Metals and Minerals implementation plan targets $19 billion in critical minerals financing during fiscal years 2026–2030, compared with $3.6 billion during fiscal years 2021–2025.

Critical minerals have become an increasingly important area of focus for the United States, the World Bank’s largest shareholder, which has called for greater financing to support the sector.

US Treasury Secretary Scott Bessent has advocated a larger role for the World Bank in supporting mining and processing capacity through project de-risking, financing and investment in enabling infrastructure. His proposals have also included deep-sea mining projects.

Banga did not specifically mention deep-sea mining in his remarks. The World Bank’s metals plan, however, calls for a “precautionary approach” to the emerging sector and states that any engagement or investment must comply with the institution’s applicable policies.

Banga also highlighted the World Bank Group’s efforts to mobilise private investment. According to the group, it mobilised $112 billion in private capital in fiscal 2026, which ended on June 30—more than three times the amount recorded in fiscal 2022.

Including financing from the group’s own resources, Banga reported that total financing and mobilisation reached approximately $230 billion in fiscal 2026.