The World Bank Group has planned to increase its support for metals and minerals to $19 billion, aiming to quintuple this support during the financial period from 2026 to 2030. This action is intended to optimize the use of mineral resources for job creation and economic growth in countries rich in mineral resources.
Details of the World Bank Group's Program
This initiative includes reforms in licensing and geological data, environmental and social monitoring, infrastructure, workforce development, and local supply chains. The planned support will be carried out using a combination of public financing, private investment, and risk guarantees, along with political support for mineral-producing countries.
The World Bank Group's $19 billion target represents an increase from $3.6 billion during the financial period from 2021 to 2025. Meanwhile, some countries are seeking a larger share of processing and other economic benefits related to metals, while governments and investors are looking for more diverse supply chains for critical minerals.
Target Countries and Collaborations
The World Bank Group has identified 20 countries with which it can collaborate on critical minerals. In this context, Argentina, Bolivia, Egypt, India, Kazakhstan, Malawi, Mauritius, and Zambia are mentioned as part of these 20 countries. Christian Andres Morris Burgos, Bolivia's Minister of Economy and Public Finance, emphasized the importance of this program by stating, "Our goal is not just to export minerals, but to convert this wealth into development and prosperity for all Bolivians."
India also aims to attract $5 billion for exploration, processing, advanced production, recycling, and skill development by 2031, while Kazakhstan seeks to attract up to $20 billion by 2031. Situmbeko Musokotwane, Zambia's Minister of Finance and National Planning, emphasized the importance of this collaboration by stating, "This agreement with the World Bank Group will help us provide the necessary reforms, infrastructure, and investments to turn our mineral wealth into sustainable economic opportunities for our people."
The World Bank Group has been involved in mining-related projects, including the Lobito Corridor in Africa, which is a rail route primarily designed for minerals. According to the head of the World Bank Group, the goal of this $19 billion initiative is "development and job creation."
On October 15, the United States requested the World Bank Group to increase support for deep-sea mining as part of broader strategies to strengthen supply chains for critical minerals. However, the World Bank Group made no mention of deep-sea mining in its announcement.
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