Stories
World Bank Group to Expand Critical Minerals Business Fivefold in 5 Years
- •World Bank President Ajay Banga announced plans to expand the critical minerals business fivefold over the next five years.
- •Twenty countries have been identified for potential partnerships to develop local industries and retain economic value and jobs within host nations.
- •The World Bank Group is increasing its focus on economic corridors that link infrastructure development with investment opportunities.
- •The institution significantly scaled up private capital mobilization, raising 112 billion US dollars last year, more than triple the amount from fiscal year 2022.
- •Highlighting the global jobs gap, Ajay Banga emphasized that employment is not just a statistic but a matter of dignity.
Key Questions Answered
The World Bank Group plans to expand its critical minerals business fivefold over the next five years. To achieve this, it has identified 20 partner countries to help develop local industries, keep economic value and jobs within those nations, and launched new country-level compacts with other multilateral development banks.
The World Bank Group mobilized 112 billion US dollars in private capital last year, which is more than triple the 35 billion US dollars raised in fiscal year 2022. Combined with its own funding, the total funding exceeded 230 billion US dollars.
India is in talks with the World Bank and the Asian Development Bank to offset geopolitical risks and help private companies overcome investment hesitations when acquiring mines abroad. India is focusing on supply chain resilience, expecting production to start from five lithium blocks in Argentina while exploring further investments in Argentina, Australia, and Brazil.
