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Major development banks step up support for critical minerals value chains

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In short

Major development banks are stepping up support for critical minerals value chains in mineral-rich developing economies, aiming to create jobs, boost domestic value addition, attract private investment, and facilitate a low-carbon transition. The World Bank, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, and Inter-American Development Bank are involved in a framework for coordinated support across critical mineral supply chains, including financing, infrastructure, and policy. The framework aims to strengthen project preparation, use co-financing, guarantees, and other tools to mobilise capital and accelerate pri…

Key points

  • Major development banks are stepping up support for critical minerals value chains.: Major development banks are stepping up support for critical minerals value chains.
  • The World Bank, African Development Bank, Asian Development Bank, European Bank for Recon…: The World Bank, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, and Inter-American Development Bank are involved.
  • The framework aims to create jobs, boost domestic value addition, attract private investm…: The framework aims to create jobs, boost domestic value addition, attract private investment, and facilitate a low-carbon transition.

Sources checked by our analysis pipeline: 1

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

• 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

Original source: www.channelnewsasia.com

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