Development Banks Commit $50 Billion To Power Africa, Electrify 300 Million Homes

African Development Bank Group, the World Bank Group, and other development partners have made a landmark commitment to allocate nearly $50 billion in financing to make electricity accessible to 300 million people across Africa by 2030.

The AfDB and World Bank Group have announced a total of $48 billion in support, while other partners have also made significant commitments:

Agence Française de Dévelopment (AFD) pledged €1 billion while Asian Infrastructure Investment Bank (AIIB) committed $1 billion to $1.5 billion to support Mission 300.

Islamic Development Bank (IsDB) Group pledged $2.65 billion in support of Mission 300 and energy access in Africa from 2025-2030.

The OPEC Fund for International Development also announced an initial commitment of $1 billion in support of Mission 300, with additional financing to follow.

These pledges were made at the Mission 300 Africa Energy Summit hosted by the United Republic of Tanzania in Dar es Salaam.

Twelve countries presented detailed National Energy Compacts, which set targets to scale up electricity access, increase renewable energy use, and attract private capital.

These country-specific plans are time-bound, rooted in data, endorsed at the highest level and focus on affordable power generation, expanding connections, and regional integration.
They aim to boost utility efficiency and expand clean cooking solutions.

Deploying satellite and electronic mapping technologies, these compacts identify the most cost-effective solutions to bring electricity to underserved areas.

“Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,” said Ajay Banga, President of the World Bank Group.

“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 only through collaboration can we achieve our goal.”

Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the need for decisive action to accelerate electrification across the continent. “Critical reforms will be needed to expand the share of renewables, improve utility performance, ensure transparency in licensing and power purchase agreements, and establish 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 to deliver on your visions for electricity in your respective countries.”

Source: https://energynewsafrica.com