Multilateral development banks launch framework to boost critical minerals value chains in developing economies

Six major multilateral development banks have published a framework to help mineral-rich developing nations move beyond extraction into processing, refining and manufacturing. The initiative covers coordinated financing, infrastructure and policy support to create jobs, attract private investment an

MANILA, Oct 17 — Six multilateral development banks (MDBs) will strengthen efforts to help mineral-rich developing economies add 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 are 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.

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 the low-carbon transition.

Under the plan, MDBs will support mineral corridors incorporating power, transport, logistics, water and digital infrastructure. They will also strengthen project preparation and use co-financing, guarantees and other financing tools to mobilise capital and accelerate private sector investments.

The banks will 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.