Bangkok, 16 October — At the IMF and World Bank Annual Meetings, President Ajay Banga announced that the institution aims to quintuple its financial support for critical minerals by 2030. The total: $19 billion over five years. A decision that places Africa — and the Indian Ocean — at the heart of a global strategic competition.
$19 billion to secure global supply chains
The World Bank Group is targeting $19 billion in support between 2026 and 2030, blending public financing and private capital. Three institutional arms are mobilised: the World Bank for sovereign financing, the International Finance Corporation (IFC) for direct project investment, and the Multilateral Investment Guarantee Agency (MIGA) to provide guarantees that reduce perceived risk for private investors.
The announcement — first signalled at Cape Town's Mining Indaba in February 2026 — takes on greater substance with the publication of this roadmap in Bangkok. Twenty countries have been identified as potential partners, though the full list has not been published.
Malawi, Zambia, Mauritania: the first named
Among the countries with which the World Bank has already developed national mining plans are Malawi, Mauritania and Zambia. Egypt is among eight governments that have already concluded formal partnerships with the institution.
The flagship project is Kasiya, in Malawi: a graphite, rutile and rare earth mine with a total development cost estimated at $665 million. In December 2025, the IFC signed an agreement with Australian company Sovereign Metals to finance the project. Kasiya represents one of the world's most significant natural graphite discoveries — a mineral essential for electric vehicle battery manufacturing.
Africa: 30% of global critical mineral reserves
The African continent is estimated to hold around 30% of the world's critical mineral reserves — copper, rare earths, graphite, lithium, cobalt, manganese. These resources are central to the industrial policies of major powers, particularly in the context of the transition to electric vehicles and renewable energy.
The World Bank's accelerated investment sits within an open competition with China, which has positioned itself in African mining resources since the 2000s, and with the United States, which is seeking to diversify its supply chains.
Why it matters
Madagascar is among the African countries with significant graphite and rare earth resources. In 2026, the island nation lifted its mining moratorium, opening the door to new investment in the extractive sector. The World Bank's $19 billion commitment represents a direct opportunity for Indian Ocean states holding critical resources: access to concessional financing, attracting world-class private partners, and integrating into the global value chains being built around the energy transition.