- The partnership between AfDB and the World Bank aims to electrify 300 million Africans in 6 years.
- World Bank pledges $30 billion to reach at least 250 million Africans by 2030.
During the recent spring meetings of the World Bank and International Monetary Fund in Washington, a partnership emerged to electrify 300 million Africans within six years. The African Development Bank (AfDB) and the World Bank are behind this initiative.
Over 600 million Africans lack access to electricity. The partnership, signed at the meetings, commits the World Bank to invest $30 billion by 2030 to reach at least 250 million Africans. The President of the World Bank Group, Ajay Banga, emphasised the crucial role of electricity in economic growth and job creation.
He stressed the need for collaboration between governments, multilateral development banks, and the private sector. The funding will flow through the International Development Association (IDA), focusing on low-income countries.
The World Bank’s investment is expected to leverage an additional $9 billion in private-sector financing, especially in renewable energy projects. The AfDB will also mobilise resources to electrify 50 million Africans by 2030.
The two banks aim to electrify 300 million people over six years. They have previously co-financed initiatives like the Nigeria Electrification Project (NEP) in 2018, which focuses on deploying off-grid solar systems in rural Nigeria.