Zambia, Egypt, Malawi and Mauritania are among the first eight countries selected for a World Bank Group initiative targeting $19bn in metals and minerals financing and private capital mobilisation through 2030, as African producers seek greater investment in mining, processing and supporting infrastructure.
World Bank President Ajay Banga announced the target on October 16 at the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, saying the institution had identified 20 potential partner countries, Reuters reported.
The World Bank aims to increase support more than fivefold, from $3.6bn during fiscal 2021–2025 to $19bn in fiscal 2026–2030. The target combines World Bank Group financing with private capital mobilisation rather than representing new lending commitments, and no specific share has been allocated to the African participants.
“In critical minerals, we plan to quintuple our business in five years,” Banga said.
The initiative forms part of the bank's Metals and Minerals strategy, which seeks to help resource-rich developing countries develop refining and manufacturing industries alongside mineral extraction.
Africa's mineral processing gap
Africa produces around 70% of the world's cobalt, three-quarters of its manganese and nearly one-fifth of its copper, but captures less than 1% of the value generated by manufacturing clean-energy technologies and components, according to International Energy Agency estimates cited by IntelliNews in September.
Reliable electricity, transport infrastructure, financing and technical skills remain major obstacles to expanding the continent's processing capacity.
See IntelliNews: Africa’s push for local mineral processing reshapes mining investment
The four African countries joined Argentina, Bolivia, India and Kazakhstan in launching the first partnerships and country compacts on October 16. These identify priorities for regulatory reform, infrastructure and investment rather than constituting approved financing packages.
The programme follows a separate United Nations initiative launched in September to help Guinea, Madagascar, Nigeria, Zambia and Zimbabwe develop higher-value mineral industries. Unlike the World Bank's financing and mobilisation target, the UN programme focuses on policy and regulatory assistance and has no announced funding allocation, IntelliNews reported on October 6.
See IntelliNews: Who stands to gain most from the UN’s critical minerals push in Africa?
Zambia targets copper expansion as Egypt develops mineral hubs
Zambia's World Bank compact focuses on increasing copper production and domestic processing through improved geological data, licensing, electricity supply and transport infrastructure. The country aims to produce 3mn tonnes of copper annually by 2031, alongside greater investment in supporting industries.
The expansion faces existing infrastructure constraints. Zambia temporarily suspended its 10% duty on copper-concentrate exports in 2025 and extended the waiver until September 2026 to help miners clear stockpiles during smelter maintenance, IntelliNews reported in June.
See IntelliNews: Zambia extends copper concentrate export-duty waiver, prioritising output over beneficiation amid smelter constraints
Egypt aims to increase mining's contribution to GDP to 6% by 2030 and raise metals and minerals-related exports to $9.8bn by 2040. Its compact includes regulatory reforms, improved geological information and mineral-processing hubs, supported by the World Bank Group and European Bank for Reconstruction and Development.
Malawi's programme prioritises mining governance, transport and energy infrastructure, local suppliers and greater transparency in mineral licensing and revenues.
Mauritania is seeking to combine mineral development with renewable energy investment to support lower-emission processing and increase the economic benefits retained domestically.
The four countries have different mineral resources and industrial capacities, but their compacts share an emphasis on infrastructure and investment conditions. Neither the national production targets nor the identified projects constitute guaranteed outcomes of the World Bank initiative.
Financing, guarantees and competition for African minerals
The World Bank will provide policy advice and public financing, while its private-sector arm, the International Finance Corporation (IFC), will invest and mobilise commercial capital. The Multilateral Investment Guarantee Agency (MIGA) will offer guarantees aimed at reducing investment risks.
For African mineral producers, the availability of electricity, transport links and commercially viable processing facilities will be critical to attracting investment beyond extraction.
The programme comes amid growing competition for copper, cobalt, manganese and other minerals used in electric vehicles, batteries, renewable energy equipment and advanced manufacturing.
The United States, the World Bank's largest shareholder, has pressed the institution to expand support for mineral extraction, processing and infrastructure as Washington seeks to diversify strategic supply chains.
The US International Development Finance Corporation (DFC) said on October 9 that it planned to take more equity stakes in African critical-minerals projects. It has committed more than $3bn to critical minerals and related investments in Africa.
See IntelliNews: US development agency plans more direct investment in African critical minerals
US Treasury Secretary Scott Bessent also called for World Bank involvement in deep-sea mining during the annual meetings. Banga did not endorse such projects, while the bank's strategy calls for a precautionary approach consistent with its environmental and social policies.
Separately, six multilateral development banks, including the World Bank and African Development Bank, have agreed to coordinate financing, guarantees, infrastructure investment and environmental standards for critical-mineral supply chains.
The collaboration could provide additional channels for African countries seeking investment in electricity networks, transport corridors and processing facilities, although neither initiative establishes a country-specific financing allocation.