The World Bank aims to boost funding for critical mineral mining in Africa, targeting 20 partner countries and leveraging private capital to support projects like a Malawian mine.
Africa's mineral wealth attracts global focus
Africa's subsoil holds about 30% of the world's reserves of critical minerals such as copper, rare earths, graphite, and lithium. This has drawn growing interest from international actors as new mining projects emerge across the continent.World Bank boosts funding for critical minerals
On Friday, October 16, the World Bank announced plans to increase its financial support for critical minerals by five times over the next five years. The declaration was made during the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand.Collaboration with 20 partner countries
Ajay Banga, president of the World Bank, stated that 20 countries had been identified as potential partners for developing the critical minerals sector. The goal is to increase the World Bank Group's financial support to 19 billion USD between 2026 and 2030, using both public funding and private capital.Diverse roles for World Bank institutions
The World Bank will provide public funding, the International Finance Corporation (IFC) will invest in projects and attract private capital, and the Multilateral Investment Guarantee Agency (MIGA) will offer risk management guarantees. This approach was previously outlined during the Mining Indaba 2026 conference in South Africa.Africa's strategic role in mineral development
In Africa, the World Bank's plans are being closely watched. Countries like Malawi, Mauritania, and Zambia have created national mining sector plans in collaboration with the institution. Egypt is also among eight nations that have signed agreements to promote responsible mineral development.Implementation details remain unclear
While the World Bank highlights these partnerships, it is not yet clear if these countries are among the 20 identified for cooperation. Meanwhile, the global demand for critical minerals is shaping the industrial policies of major World Bank member countries, including the United States, increasing Africa's strategic importance.IFC supports mining project in Malawi
The IFC, a World Bank affiliate, signed a cooperation agreement with the Australian company Sovereign Metals in December 2025. The partnership aims to finance the Kasiya mine in Malawi, which is expected to extract graphite, rutile, and rare earths at a cost of 665 million USD.
