Argentina, Bolivia, Egypt, India, Kazakhstan, Malawi, Mauritania and Zambia have announced country partnerships and compacts setting out reforms, investment priorities and measurable development targets.
The plans focus on modernising mineral licensing and geological data, strengthening environmental and social oversight and expanding energy and transport infrastructure.
Countries also aim to develop local workers, suppliers and processing industries so that mineral development creates employment and retains more value within national economies. “Metals and minerals make modern life possible,” Multilateral Investment Guarantee Agency Managing Director Tsutomu Yamamoto said.
“Success will be judged by whether mineral development creates jobs, strengthens local economies and expands opportunity, while protecting people and the environment.”
The World Bank will provide policy advice and public financing, while the International Finance Corporation will invest and mobilise private capital. The Multilateral Investment Guarantee Agency will provide guarantees to manage investment risks.
In Africa, Egypt aims to increase mining’s contribution to gross domestic product to 6% by 2030 and expand metals and minerals exports to $9.8 billion by 2040.
Malawi will focus on improved governance, transparent licensing and revenue management, infrastructure expansion and stronger local supply chains. “The Government of Malawi recognises the mining sector as a strategic pillar for economic transformation and a critical pathway towards sustainable prosperity,” the government said.
Mauritania’s Compact seeks to combine mineral resources and renewable-energy potential to develop lower-emission processing, create employment and support local economic development.
Zambia aims to increase annual copper production to 3 million tonnes by 2031 while expanding domestic processing and supporting industries. “We are going to complement our copper production with value-adding supporting industries that create quality jobs and improve livelihoods across Zambia,” Zambia Minister of Finance and National Planning Dr Situmbeko Musokotwane said.
“This Compact with the World Bank Group will help us bring together the reforms, infrastructure and investment needed to turn our mineral wealth into lasting economic opportunities.”
The partnerships seek to ensure that rising global demand for critical minerals supports economic diversification rather than only increasing raw-material exports.
Japan has also pledged continued support for diversified and resilient critical-mineral supply chains through cooperation with the World Bank Group.
–WorldBank/ChannelAfrica–
