Tokyo: World Bank Group President Ajay Banga and Japan's Minister of Finance Satsuki Katayama have agreed to enhance their collaboration to help developing countries build resilient supply chains and energy systems. This initiative is aimed at unlocking investments, creating jobs, and fostering long-term economic growth.

According to Emirates News Agency, both leaders signed a document to launch the Resilient and Inclusive Supply-chain Enhancement Plus (RISE+) initiative. They also agreed on a new framework called Dynamic Response for Invigorating Value Chains and Energy Security (DRIVE). These initiatives are set to expand Japan's existing partnerships with the World Bank Group, focusing on critical minerals and regional energy security.

Japan is set to launch RISE+, a $20 million facility under its single-donor trust funds, which will complement the Resilient and Inclusive Supply-Chain Enhancement (RISE) Partnership. This partnership was initially launched under Japan's G7 presidency in 2023.

RISE+ aims to assist developing nations in transforming the growing demand for infrastructure development and private capital mobilization into concrete investments. The focus will be on supply chains of critical minerals, including rare earths, which will lead to industrial development and the creation of quality jobs, particularly in alignment with Country Compacts. By coordinating public and private sector actions, the initiative seeks to help countries convert their natural resource wealth into lasting economic opportunities.