The World Bank Group has reinstated its resolve to provide electricity supply to 300 million Africans by the year 2030.
This is even as the group reaffirmed its commitment to tackling energy deficit in Africa. The group stated that it aims to provide electricity to half of the 600 million people on the continent who currently lack access to power supply.
This was disclosed by the President of the World Bank Group, Ajay Banga, at the recently concluded Mission 300 Africa Energy Summit in Tanzania.
Speaking at the event, Banga said, “Access to electricity is a fundamental human right. Without it, countries and people cannot thrive.”
“Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. 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 it only through collaboration can we achieve our goal.”
The President of the African Development Bank Group, Dr. Akinwumi A. Adesina, on his part, emphasized the need for decisive action to accelerate electrification across the continent.
He said, “Critical reforms will be needed to expand the share of renewables and improved utility performance utilities. Ensuring transparency in licensing and power purchase agreements. And established predictable tariff regimes that reflect production costs. Our collective effort is to support you, Heads of State and Government, in developing and implementing clear, country-led national energy compacts. So, as to deliver on your visions for electricity in your respective countries.”
At the summit, key stakeholders announced a series of financial commitments to support Mission 300. This, they noted is a strategic initiative aimed at accelerating energy access across Africa.
The financial commitments the stakeholders announced included:
-
African Development Bank Group (AfDB) & World Bank Group: A combined allocation of $48 billion in financing for Mission 300 through 2030, with flexibility to adjust based on implementation needs.
- Agence Francaise de Development (AFD): €1 billion to support energy access in Africa.
- Asian Infrastructure Investment Bank (AIIB): Between $1 billion and $1.5 billion for Mission 300.
- Islamic Development Bank (IsDB) Group: $2.65 billion in funding for energy access from 2025 to 2030.
- OPEC Fund: An initial commitment of $1 billion, with the possibility of additional financing.
- World Bank Group and AfDB: Launched Zafiri, an investment company focused on private sector-led solutions, including renewable mini-grids and solar home systems. The initiative’s anchor partners plan to invest $300 million in its first phase. And mobilize up to $1 billion to bridge Africa’s energy equity gap.
The Mission 300 Africa Energy Summit was hosted by the United Republic of Tanzania in collaboration with the African Union, AfDB, and the World Bank Group. The Summit also had significant backing from global development partners, including the Rockefeller Foundation, and ESMAP. Other partners included Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the Sustainable Energy Fund for Africa.
Recall that Africa’s electricity gap remains a major barrier to economic development in the continent. With millions of households and businesses lacking the power needed for essential services, industrialization, and job creation.
The commitments made at Mission 300 highlight the growing international resolve to address this challenge. This, the Summit resolved can be achieved through renewable energy, private sector investments, and large-scale financing initiatives.
Moving forward, World Bank and its partners are hoping to achieve success through efficient project execution, regulatory reforms, and continuous collaboration among governments, investors, and financial institutions.
source: Nairametrics
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