US Treasury chief urges World Bank to lift bans on upstream oil and gas financing

At the October 2026 annual sessions of the IMF and World Bank, Treasury Secretary Scott Bessent pressed the World Bank to abandon its policy that bars financing of new upstream oil and gas projects. He said the restriction conflicts with the need for reliable, affordable energy that fuels economic expansion, industrial capacity and job creation in poorer nations. Bessent advocated a technology-neutral stance and greater backing for natural-gas investments, noting the continent-wide goal of extending electricity to an additional 300 million Africans.

He also praised the approval of an International Development Association initiative aimed at securing near-term gas supplies and developing midstream infrastructure in West Africa. Beyond energy, Bessent suggested phasing out sovereign lending to countries that have already met graduation criteria, citing China and Poland, and urged the IFC to boost its commitments to the poorest and most fragile states. Any policy shift would require formal World Bank decisions.