World Bank and Japan Partner To Promote Mineral Investments
The World Bank, in collaboration with Japan and with the participation of Italy, the Republic of Korea, Canada, and the United Kingdom, has established an effort to address the combined concerns of employment development and climate change. The RISE program, or Resilient and Inclusive Supply-chain Enhancement, will aid emerging markets and developing nations in growing their clean-energy product production and boosting their role in the minerals business.
This effort is expected to stimulate economic growth and generate quality local jobs, ultimately contributing to poverty alleviation. The RISE initiative has garnered substantial financial support from Japan, Canada, Italy, the Republic of Korea, and the United Kingdom, with an initial total contribution exceeding USD 40 million. Further contributions from additional donors are anticipated, as per ANI.
The announcement of this revolutionary alliance was announced during the 2023 World Bank-IMF Annual Meetings in Marrakech. The event was co-hosted by Japanese Finance Minister Suzuki Shunichi and World Bank President Ajay Banga.Prospective receiving nations, Chile and India, emphasized the importance of the RISE program in their respective development plans.
World Bank President Ajay Banga expressed his enthusiasm for the initiative, said, "These are exactly the kinds of initiatives we need right now. This partnership will give developing countries the promise of a brighter future, one with a healthy economy and a livable planet. Countries will have new economic opportunities in clean energy and minerals industries; leading to jobs that help them build better lives for themselves and their families."