Zambia, Egypt, Malawi and Mauritania join World Bank's $19bn minerals financing drive
Zambia, Egypt, Malawi and Mauritania are among the first eight countries selected for a World Bank Group initiative targeting $19bn in metals and minerals financing and private capital mobilisation through 2030. World Bank President Ajay Banga announced the target on October 16 at the IMF and World Bank annual meetings in Bangkok; the target combines World Bank Group financing with private capital mobilisation rather than representing new lending commitments. The four African countries joined Argentina, Bolivia, India and Kazakhstan in launching the first partnerships and country compacts on October 16, which identify priorities for regulatory reform, infrastructure and investment rather than approved financing packages.
Why it matters: The initiative ties development finance and private-capital mobilisation to critical minerals processing, a central theme in the competition to diversify strategic supply chains.