The Asian Development Bank (ADB) has launched a new financing facility to support the development of critical mineral supply chains across Asia and the Pacific.
The facility will help countries prepare projects and finance infrastructure for the processing, manufacturing and recycling of critical minerals used in clean energy, batteries, electric vehicles and digital technologies. The facility has two parts: a grant window and a catalytic finance window. The grant window will fund early project work, including feasibility studies, environmental and social assessments, technical assistance and knowledge-sharing. The Government of Japan has committed $20 million to the grant window, while the Government of the United Kingdom has committed $1.6 million. The catalytic finance window is designed to bring in cofinancing and risk-sharing from other financing partners. Korea Eximbank and the Korean Trade Insurance Corporation, known as K-SURE, each signed a $500 million memorandum as the facility’s first partners.