India has formally joined the US led Minerals Security Finance Network (MSFN), which aims to strengthen cooperation among members to secure supply chains for critical minerals.
- The announcement, made by the US State Department on the margins of the United Nations General Assembly on September 23.
- It is a pact entered by 14 countries and the European Union.
- This new partnership brings together DFIs (development finance institutions) and ECAs (export credit agencies) from the participating nations to “create synergies, and increase impact”.
- The Minerals Security Finance Network (MSFN) is a new initiative that stems from the Minerals Security Partnership (MSP), a framework established in 2022.
- MSP is a US-led collaboration of 14 countries that aimed to catalyse public and private investment in critical mineral supply chains globally.
- India was inducted to the MSP in June 2023.
- The MSP grouping is focused on the supply chains of minerals such as cobalt, nickel, lithium and also the 17 “rare earth” minerals.
