Media365
The Asian Development Bank (ADB) has launched a new financing facility aimed at strengthening critical mineral supply chains across the Asia-Pacific region, as a global push to loosen China’s chokehold over the sector continues.
The initiative is designed to help Asia-Pacific nations move up the critical minerals value chain – moving beyond just mining – by equipping them with the technical capabilities to process and recycle the materials, according to the ADB.
“Asia and the Pacific should be more than a source of raw materials,” said Masato Kanda, the bank’s president, in a press release on Sunday. “The region should also capture the jobs, technology and value these minerals provide.”
Several countries have committed to the scheme. Japan has pledged US$20 million to fund related projects, while the United Kingdom has committed US$1.6 million.
