Major Development Banks Unveil Critical Minerals Framework to Help Resource-Rich Nations Keep More Value at Home
Multilateral development banks will strengthen efforts to help mineral-rich developing economies add more value to their resources by moving beyond extraction into processing, refining and manufacturing, Reuters reported on October 17, citing an outline of a critical minerals collaboration framework published on Saturday. The banks involved include the World Bank, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank and the Inter-American Development Bank.
The framework calls for coordinated support across critical mineral supply chains, including financing, infrastructure and policy, aimed at creating jobs, boosting domestic value addition, attracting private investment and supporting the low-carbon transition. The banks plan to back mineral corridors that combine power, transport, logistics, water and digital infrastructure with mining projects, while using co-financing, guarantees and other tools to mobilize private capital and strengthen project preparation. They will also align more closely on environmental and social standards. An MDB working group will coordinate implementation and report annually to the Heads of MDBs Group.
At this week's IMF and World Bank annual meetings in Bangkok, World Bank President Ajay Banga announced that the bank plans to quintuple its critical minerals business in five years. Its Metals and Minerals implementation plan targets $19 billion in financing over fiscal 2026-2030, up from $3.6 billion in fiscal 2021-2025, and the bank has identified 20 potential partner countries, launching its first country compacts with MDB partners this week. (GSM, based on Reuters reporting)
Published by GSM · USA (original Chinese edition)
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