TOKYO, Japan — World Bank Group President Ajay Banga and Minister of Finance of Japan Satsuki Katayama today agreed to strengthen collaboration on helping developing countries build more resilient supply chains and energy systems, unlocking investment, jobs, and long-term economic growth.
They signed the document to launch the Resilient and Inclusive Supply-chain Enhancement Plus (RISE+), and agreed on a new framework called Dynamic Response for Invigorating Value Chains and Energy Security (DRIVE). Together, these initiatives extend Japan’s existing partnerships with the World Bank Group on critical minerals and regional energy security.
Expanding critical minerals support
Japan will launch RISE+, a new $20 million facility under Japan’s single-donor trust funds that will complement the Resilient and Inclusive Supply-Chain Enhancement (RISE) Partnership, which was launched under Japan’s G7 presidency in 2023.
RISE+ will help developing nations translate growing demand for key infrastructure development and private capital mobilisation for supply chains of critical minerals, including rare earths, into concrete public and private investment, leading to industrial development and quality jobs, particularly in line with Country Compacts. By coordinating public and private sector action, the initiative aims to help countries turn their natural resource wealth into lasting economic opportunity.
Building energy resilience
DRIVE complements POWERR Asia (Partnership on Wide Energy and Resources Resilience Asia), Japan’s $10 billion framework to address fuel supply shortages and supply chain disruptions in Asia stemming from the conflict in the Middle East. Through DRIVE, 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 stabilise their economies and build more resilient energy systems for the future through sovereign lending and private sector solutions.
The partnership will draw on the World Bank Group’s global expertise and Japan’s leadership in energy security to provide analysis and technical assistance, to strengthen supply chain management, improve crisis preparedness, and help vulnerable countries pool their purchasing power to secure timely access to critical supplies.
“We appreciate Japan’s leadership in enhancing critical minerals supply chain resilience through RISE+ and strengthening energy security through POWERR Asia,” said Ajay Banga, president of the World Bank Group. “These initiatives will help countries turn growing demand for clean energy and critical minerals into investment, jobs, and economic opportunity that improve lives across developing economies.”
Katayama Satsuki, Japan’s minister of finance, said:
“Critical mineral supply chain diversification through RISE+, and promotion of resilient regional supply chains and energy transition in the Asia-Pacific through DRIVE are both win-win policies that contribute not only to the creation of high-quality jobs and sustainable economic growth in developing countries, but also to helping ensure stable supply for importing countries, including Japan. I welcome the opportunity to leverage the World Bank Group’s expertise and policy tools in advancing these initiatives.”