The World Bank Group plans to expand its critical minerals business fivefold over the next five years and has identified 20 countries for potential partnerships to develop local industries, World Bank President Ajay Banga said. Addressing a plenary session of the institution’s Annual Meetings in Bangkok, Banga said the group had launched its first country compacts with other multilateral development banks (MDBs) to retain more jobs and economic value in developing economies.

The group is also increasing its focus on economic corridors, which combine infrastructure development with investment opportunities. It launched 52 new economic corridor projects last year, compared with 23 a year earlier. Banga cited a corridor initially designed mainly to transport minerals that was increasingly being used by farmers to move crops to markets, supporting the growth of towns and cities along the route.

The World Bank Group mobilised USD 112 bn in private capital last year, up from around USD 35 bn in FY22 and representing an increase of more than three times. Total financing, including the institution’s own funding, exceeded USD 230 bn. Private capital mobilisation nearly tripled in lower-middle-income countries and quadrupled in upper-middle-income countries, while it more than doubled across Africa.

Mobilisation remained flat in low-income, fragile and conflict-affected economies, where attracting commercial investment remains difficult. Banga said the institution was addressing barriers including currency risks and limited access to finance through guarantees, equity and local currency financing. It is also working with other MDBs on mechanisms to transfer investments to other investors, releasing capital for additional development projects.

The broader objective is to increase investment in infrastructure, energy, agribusiness, healthcare, tourism and value-added manufacturing to improve productivity and create jobs. Banga highlighted a projected global gap of around 800 mn jobs and said the World Bank’s development model combines public financing, private capital, philanthropy and technology. He called for development initiatives to be implemented at greater scale and pace so young people can access opportunities and build their futures.