World Bank targets fivefold critical minerals expansion by 2031

The World Bank announced a plan to increase its critical minerals business fivefold over the next five years, targeting $19 billion in financing through the 2026-2030 fiscal period. World Bank president Ajay Banga disclosed the target at the 2026 IMF-World Bank Annual Meetings in Bangkok on 16 October 2026, stating the lender launched its first country compacts with multilateral development bank partners to build local industries and retain jobs in producing countries.

Financing target and country partnerships#

The new metals and minerals implementation plan sets a $19 billion financing target for the five fiscal years ending 2030, a rise from the $3.6 billion committed during the 2021-2025 period. The World Bank identified 20 countries with which it could partner on critical minerals development projects. The country compacts launched this week are designed to build local mining and processing industries and keep more jobs and economic value in producing countries. Banga stated the lender plans to quintuple its business in five years through these partnerships.

Development strategy and resource allocation#

Banga outlined a vision for World Bank operations focusing on creating jobs, expanding economic opportunity and connecting private capital to developing nations requiring investment. He told the plenary session that tightening fiscal space, mounting debt levels and global conflicts have created a challenging environment for the lender's work. The bank is working to make scarce resources go further while helping countries create jobs at scale, addressing both challenges together. Development outcomes will require combining public finance, private investment, philanthropy and technology in ways that match each country's specific needs, with the partnership structure adapting as countries develop.

Technology applications for developing economies#

The World Bank launched a new initiative to focus on practical artificial intelligence applications that do not rely on the most advanced and expensive versions of the technology. Banga described these bespoke AI-enabled applications as capable of providing solutions for people in the developing world. Practical AI applications can assist farmers in improving crop yields, enable teachers to customize instruction, support health workers in making better-informed clinical decisions, and help entrepreneurs access new customer markets, he stated at the annual meetings.

Fiscal period comparison and project scope#

The $19 billion target for 2026-2030 represents a 428 percent increase from the $3.6 billion committed in the 2021-2025 fiscal period. The financing will support mining, processing and local industries across the 20 identified partner countries. The country compacts with multilateral development bank partners were launched during the Bangkok meetings, with implementation beginning in the current fiscal year. The plan aims to expand partnerships with countries developing critical minerals industries and to retain more economic value in producing nations.