AfDB & World Bank commits $40 Billion to Electrify Africa with Mission 300 program

AfDB & World Bank commits $40 Billion to Electrify Africa with Mission 300 program

TANZANIA: The African Development Bank (AfDB) and the World Bank Group announced today a committment to infuse $40 billion towards Mission 300, an initiative that will provide electricity to 300 million Africans by 2030.

World Bank President Ajay Banga and AfDB President Dr. Akinwumi Adesina confirmed the action at the sidelines of the Mission 300 Africa Energy Summit held in the capital city.

AfDB is expected to contribute $18.2 billion while the World Bank Group has pledged $22 billion.

Leading entities such as Islamic Development Bank, Asian Infrastructure Investment Bank, OPEC Fund, and the Rockefeller Foundation are also expected to contribute to the initiatve.

Availability of electricity is likely to result in poverty allevation to the tune of 4% of Africa’s GDP.

Currently, over 571 million Africans live without electricity, while 1 billion lack access to clean cooking solutions, contributing to significant health challenges. The plan includes scaling renewable energy and private sector engagement to build on-grid and off-grid systems to reach underserved areas.