Major development banks step up support for critical minerals value chains

MANILA, Oct 17 (Reuters) – Multilateral development banks (MDBs) will strengthen efforts to help mineral-rich developing economies add more ​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 include 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, according to the outline
• 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 ⁠low-carbon transition
• MDBs plan to support mineral corridors incorporating power, transport, logistics, water and digital infrastructure, while strengthening project preparation and using co-financing, guarantees and ​other financing ​tools to ⁠mobilise capital and accelerate private sector investments
• They will also 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

Reporting by Karen Lema; Editing by Tom Hogue