"Joint Statement on Establishment of the Minerals Security Partnership Finance Network
September 23, 2024
The text of the following statement was released by the Governments of the United States of America and Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, the Republic of Korea, Norway, Sweden, the United Kingdom, and the European Union (represented by the European Commission) on the margins of the United Nations General Assembly in New York, New York.
On 23 September, on the margins of the United Nations General Assembly, the Minerals Investment Network for Vital Energy Security and Transition- MINVEST, a public-private partnership between the U.S. Department of State and SAFE Center for Critical Minerals Strategy, hosted development finance institutions (DFIs) and export credit agencies (ECAs) of the Minerals Security Partnership (MSP) partner governments in their announcement of the establishment of the MSP Finance Network. This network will strengthen cooperation and promote information exchange and co-financing among participating institutions to advance diverse, secure, and sustainable supply chains for critical minerals.
Partners emphasized that the scope and scale of meeting the rapidly increasing global demand for critical minerals to achieve the clean energy transition is beyond the purview of any single institution. The investment to deliver these goals will require the public sector and private sector to work together to deploy capital into new and existing markets in this sector. DFIs and ECAs have a key role to support MSP objectives through careful coordination to maximize effectiveness, identify and create synergies, and increase impact. The participating DFIs and ECAs discussed, including with representatives from the private sector, how they can work together to meet this challenge.
Creation of the MSP Finance Network reflects a desire to strengthen information sharing, coordination, and collaboration among the network participants. This will drive sustainable investment in global critical mineral supply chains, including by mobilizing private sector capital, in production, extraction, processing, recycling, and recovery projects. The participants also affirmed their commitment to advancing critical mineral projects that are sustainable and adhere to high environmental, social, governance, and labor principles and promote local value creation, with a clear and measurable positive development on local economies and communities. These standards are essential to ensuring that local communities see benefits from the important role critical minerals are playing in the global economy for years to come.
The Network includes the U.S. International Development Finance Corporation (DFC), Export Finance Australia (EFA), Export Development Canada (EDC), Estonian Investment Agency, European Investment Bank (EIB), European Battery Alliance, Euler Hermes, Export-Import Bank of the United States (EXIM), Finnvera, Finnfund, Nordic Investment Bank (NIB), InfraVia Capital, Banque publique d’investissement, Agence Française de Développement (AFD), Proparco, KfW Group, CDP (Cassa Depositi e Prestiti), SACE, SIMEST, Japan Bank for International Cooperation (JBIC), Japan International Cooperation Agency (JICA), Japan Organization for Metals and Energy Security (JOGMEC), NEXI (Nippon Export and Investment Insurance), Export Finance Norway (Eksfin), Innovasjon Norge, Export-Import Bank of Korea (KEXIM), Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR), Korea Trade Insurance Corporation (K-Sure), Korea Institute of Geoscience and Mineral Resources (KIGAM), Exportkreditnämnden (EKN), UK Export Finance (UKEF), and British International Investment (BII), plus the European Bank for Reconstruction and Development (EBRD) and the Africa Finance Corporation (AFC)."
(20min delay)