Major development banks step up support for critical minerals value chains
FILE PHOTO: The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/ File Photo
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MANILA, Oct 17 : Multilateral development banks (MDBs) will strengthen efforts to help mineral-rich developing economies add more value to their resources by moving beyond extraction into processing, refining and manufacturing, according to 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, according to the outline
• The October 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 low-carbon transition
• MDBs plan to support mineral corridors incorporating power, transport, logistics, water and digital infrastructure, while strengthening project preparation and using co-financing, guarantees and other financing tools to mobilise capital and accelerate private sector investments
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• They will also seek closer alignment on environmental and social standards, coordinate support to governments and better connect mining projects with infrastructure and industrial development
• An MDB working group will coordinate implementation of the framework’s objectives and report annually to the Heads of MDBs Group on progress
Source: Reuters
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