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The President of the World Bank Group, Ajay Banga, and Japan’s Finance Minister, Satsuki Katayama, agreed today to strengthen their collaboration in order to help developing countries build more resilient supply chains and energy systems, thereby promoting investment, job creation, and sustainable economic growth.
The President of the World Bank Group, Ajay Banga, and Japan’s Finance Minister, Satsuki Katayama, agreed today to strengthen their collaboration to help developing countries build more resilient supply chains and energy systems, thereby promoting investment, job creation, and sustainable economic growth.
They signed the document launching the RISE+ initiative (Strengthening Resilient and Inclusive Supply Chains) and agreed on a new framework called DRIVE (Dynamic Response for Boosting Value Chains and Energy Security). Together, these initiatives expand the partnerships that Japan already maintains with the World Bank Group in the field of critical minerals and regional energy security.Japan will launch RISE+, a new $20 million mechanism funded by its single-donor trust funds. This program will complement the Partnership for Strengthening Resilient and Inclusive Supply Chains (RISE), launched under the Japanese G7 presidency in 2023.
RISE+ will help developing countries meet the growing demand for key infrastructure and mobilize private capital for critical mineral supply chains, including rare earths, through tangible public and private investments. The goal is to promote industrial development and the creation of quality jobs, particularly under country agreements. By coordinating the actions of the public and private sectors, this initiative aims to help countries turn their natural wealth into sustainable economic opportunities.Strengthening Energy Resilience
DRIVE completes POWERR Asia (Partnership for Energy and Resource Resilience in Asia), the Japanese $10 billion framework aimed at addressing fuel shortages and supply chain disruptions in Asia, consequences of the conflict in the Middle East. Under the DRIVE initiative, the World Bank Group, in collaboration with Japanese government agencies, including the Japan Bank for International Cooperation and the Japan International Cooperation Agency, will help the most affected countries stabilize their economies and build more resilient energy systems for the future through sovereign loans and private sector solutions.This partnership will rely on the World Bank Group’s global expertise and Japan’s leadership in energy security to provide analysis and technical assistance, strengthen supply chain management, improve crisis preparedness, and help vulnerable countries pool their purchasing power to ensure rapid access to essential supplies.“We welcome Japan’s driving role in strengthening the resilience of critical minerals supply chains through RISE+ and in enhancing energy security through POWERR Asia,” said Ajay Banga, President of the World Bank Group. “These initiatives will help countries turn the growing demand for clean energy and critical minerals into investments, jobs, and economic opportunities that will improve living conditions in developing countries.” Katayama Satsuki, Japan’s Finance Minister, said: “Diversifying critical minerals supply chains through RISE+ and promoting resilient regional supply chains and the energy transition in the Asia-Pacific through DRIVE are two win-win policies that contribute not only to the creation of quality jobs and sustainable economic growth in developing countries,but also to ensure a stable supply to importing countries, including Japan. I look forward to being able to leverage the expertise and policy tools of the World Bank Group to advance these initiatives.
