Foreword At the Development Bank of Southern Africa (DBSA), our mission has always extended beyond infrastructure financing. It is about enabling inclusive growth, alleviating poverty and deepening development impact across the continent. As we confront the major transitions of our time that include climate change-induced challenges, cyclical economic headwinds and technological disruption, Africa must be an active participant in shaping its own development path. The transition to a low-carbon future brings with it opportunities driven by the global agenda of suppressing the pace of climate change, since Africa is abundant in the minerals needed to drive clean energy technologies. However, if extraction continues in the same manner as historical practice, which is characterized by the export of raw materials, limited local beneficiation and inadequate community impact, the continent will once again miss the opportunity to convert its mineral wealth into structural socio-economic transformation. DBSA partnered with the World Economic Forum to produce this paper, a playbook of solutions that reframes the critical minerals landscape to prioritize long-term economic transformation and diversification across the region. DBSA sees a unique role for development finance in ensuring that value is created and retained locally, that communities are meaningfully included, and that economic participation becomes more equitable. This paper outlines practical solutions to accelerate investment in Southern Africa’s clean energy and critical minerals value chains. Furthermore, it identifies the regulatory, institutional and policy enablers that will de-risk the sector and encourage private capital participation by providing a toolbox for governments, development finance institutions and industry partners to work collectively to close investment gaps. As we look ahead, our commitment is to drive and support solutions that build industrial resilience through enabling infrastructure, unlock the regional opportunity and broaden economic participation.Boitumelo Mosako Chief Executive Officer, Development Bank of Southern Africa (DBSA) Securing Minerals for the Energy Transition: Finance for Southern AfricaJune 2025 Securing Minerals for the Energy Transition: Finance for Southern Africa 3

Securing Minerals for the Energy Transition 2025