Get Guardian on GoogleWorld Bank Group plans to increase its financing for the metals and minerals sector fivefold to $19 billion by 2030, as it seeks to help mineral-rich developing countries generate more value from their resources.
The target is contained in the bank’s latest Commodity Markets Outlook, which stressed the need for countries to build resilience against economic shocks and attract private investment.
The lender said the funds would support mineral-rich emerging market and developing economies “in converting their natural endowments into lasting prosperity.”
It said the plan would focus on broader economic gains rather than reliance on raw material exports, while encouraging private investment and job creation, including for young people. The bank added that it had simplified and sped up how it mobilises private capital alongside its financing and advisory services.
The announcement comes as many countries face fiscal pressure and economic disruption linked to the conflict in the Middle East. The bank said it had made between $50 billion and $60 billion available through existing instruments to support affected countries.
Of this amount, $25 billion is pre-arranged financing. It can be used to support vulnerable households, strengthen government finances, and provide working capital and liquidity to businesses and farms.
So far, 25 countries have received $8.7 billion. Ten of them redirected $1.8 billion of existing International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) funds to crisis-related spending through the Crisis Toolkit. Nineteen countries accessed $6.9 billion in new financing. Some countries used both options.
