Eksfin Joins the International Minerals Security Partnership (MSP) Finance Network

The Minerals Security Partnership (MSP) was established in June 2022, initiated by the United States. The goal is to ensure a reliable and sustainable supply of critical minerals, such as those used in renewable energy and electric vehicle production. This collaboration has now been expanded with the creation of MSP Finance, in which Eksfin and Innovation Norway represent Norway.

MSP Finance enhances collaboration between private and public capital

The Norwegian government has decided that Norway will participate in the forum. Member countries include Canada, Australia, Japan, the United Kingdom, France, Germany, Sweden, and Norway. Both public and private entities are involved.

MSP Finance is designed to enhance collaboration, information exchange, and co-financing to address the scale and rapidly growing global demand for critical minerals. The investment needs in sustainable mineral projects are substantial, and a collaboration between the public and private sectors will be necessary to meet these capital requirements.

Aims to connect Norwegian mineral industry with MSP

“Collaboration on the development of new critical raw material projects is essential for strengthening the industrial value chains in Norway and other Western countries. Through the establishment of the MSP Finance Network, we aim to connect Norwegian industry and mineral companies more closely with MSP and MSP projects, offering new opportunities for Norwegian business,” says Trade and Industry Minister Cecilie Myrseth.

The establishment of the MSP Finance Network reflects a shared ambition for sustainable investments in global mineral supply chains. The value chain includes production, extraction, processing, recycling, and recovery projects. Participants commit to promoting sustainable mineral projects that meet jointly established standards regarding environmental, social, governance, and labour conditions, while also fostering local value creation.

Increased interest from Norwegian mineral industry

“At Eksfin, we are seeing growing interest from Norwegian mineral companies, and MSP Finance could become an important forum for sharing insights and developing common standards for mineral projects. Through such collaboration, Norway can help ensure that critical mineral production is carried out as sustainably as possible,” says CEO Tone Lunde Baker.

The MSP Finance network includes, among others, the U.S. International Development Finance Corporation (DFC), Export Finance Australia, Export Development Canada (EDC), Innovation Norway, Eksfin, as well as a range of other export credit agencies from around the world.

MSP Finance will meet for the first time in New York on 23 September 2024.