World Bank to step up work on critical minerals under U.S. pressure.

World Bank President Ajay Banga said the bank plans to increase its financing for critical minerals fivefold within five years. The plan aims to provide $19 billion in critical minerals financing during fiscal years 2026 to 2030. Speaking Friday at a plenary session of the World Bank and International Monetary Fund annual meetings in Bangkok, Banga said the Washington-based institution has selected 20 countries with which it can cooperate on critical minerals development projects. U.S. Treasury Secretary Scott Bessent said earlier this week that "critical minerals are foundational inputs for economic growth and economic security," and that the World Bank can play an important role in this area.