Italy Ilan Goldfajn

The President of the Inter-American Development Bank Ilan Goldfajn speaks to the Associated Press during an interview in Rome, Thursday, June 18, 2026.

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A top banker tried to sway Pope Leo XIV on rare earth mining

A top banker tried to sway Pope Leo XIV on rare earth mining

The head of Latin America’s top development bank has made a case to Pope Leo XIV about the potential of rare earth mining. Ilan Goldfajn, head of the Inter-American Development Bank, argues it could benefit Latin America if done responsibly. Goldfajn met with the pope on Friday, acknowledging the Vatican’s opposition to multinational mining corporations. The Vatican has long supported Indigenous peoples affected by mining. Goldfajn believes the region can benefit from mining if proper standards and conditions are met. The Inter-American Development Bank has a $4 billion pipeline of mineral projects, mostly in Chile, Argentina, and Brazil.