International lenders and partners pledged $8 billion to a $48 billion project by the World Bank and African Development Bank to connect 300 million Africans to electricity by 2030. This initiative aims to address the energy deficit in Sub-Saharan Africa, where nearly 600 million people currently lack access to electricity.
International lenders and partners have pledged an additional $8 billion in financing to a $48 billion project by the World Bank and African Development Bank aimed at connecting 300 million Africans to electricity by 2030. The African Development Bank Group and the World Bank Group plan to allocate $48 billion for Mission 300, a project that may evolve to better suit implementation needs, the African Development Bank stated at the conclusion of a summit on the so-called Mission 300.
This initiative seeks to bring electricity access to 300 million people in Sub-Saharan Africa by 2030. Currently, nearly 600 million Africans live without electricity, representing 83% of the global energy deficit, according to the World Bank. The World Bank and the African Development Bank, in collaboration with multinational partners and lenders, are raising funds to expand electricity access. Many African nations lack the financial resources to achieve this independently. This week's summit in Dar es Salaam, Tanzania, witnessed pledges from various entities. Agence Francaise de Development (AFD), the French development agency, committed $1 billion. The Asian Infrastructure Investment Bank (AIIB) pledged between $1 billion and $1.5 billion in support of Mission 300. The Islamic Development Bank (IsDB) Group pledged $2.65 billion in support of Mission 300 and energy access in Africa from 2025 to 2030. The OPEC Fund for International Development also announced an initial commitment of $1 billion to support Mission 300, with additional financing planned. 'Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,' said Ajay Banga, President of the World Bank Group. 'To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal,' Banga added. President of the African Development Bank Group, Akinwumi Adesina, commented, 'We can do megawatts of talk all we want, but it’s going to be the megawatts of power that we deliver that make this an action-driven summit.'
ELECTRICITY ACCESS SUB-SAHARAN AFRICA WORLD BANK AFRICAN DEVELOPMENT BANK MISSION 300 ENERGY DEFIIT
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