Japan ready to finance production of critical minerals in ADB member countries

Japan strongly supports the Critical Minerals-to-Manufacturing Financing Partnership Facility (CMM FPF) and will contribute $20 million, Satsuki Katayama, Japan's Representative to the Asian Development Bank (ADB), Minister of Finance, Minister of State for Financial Services, and Minister in charge of Reviewing Special Measures Concerning Taxation and Subsidies, said at a workshop to launch the CMM FPF during the 59th Annual Meeting of the ADB Board of Governors, Report informs.

She noted that amid growing global uncertainty, strengthening resilience has become an urgent priority for the Asia-Pacific region.

"In this context, diversifying critical mineral supply chains is paramount. It promotes the creation of high-quality jobs, the development of high-value-added industries, and sustainable growth in producing countries, while ensuring supply stability for key countries, including Japan. Multilateral development banks (MDBs) play a vital role in advancing these efforts," the minister emphasized.

She noted that it is important for developing member countries to unlock this growth potential with ADB support.

"In this regard, I welcome the launch of the CMM FPF by ADB. Japan strongly supports this initiative and will contribute $20 million. Japan hopes that other like-minded partners will join us in this important endeavor. In conclusion, I sincerely hope that this event will help translate international cooperation in the field of critical raw materials into tangible and long-term results," added Katayama.