- The World Bank announced the $15bn clean energy programme during the IDA mid-term review meeting in Zanzibar.
- This programme will benefit at least 100 million people in Sub-Saharan Africa by 2030.
Tanzania, Rwanda and Somalia are among four countries selected as pilots for a new World Bank clean energy programme. This programme will benefit at least 100 million people in Sub-Saharan Africa by 2030. Sao Tome and Principe will also participate in the rollout of the Accelerating Sustainable and Clean Energy Access Transformation (Ascent) programme, which will be expanded to 20 countries in the region over the next seven years.
World Bank Group President, Ajay Banga, announced the $15 billion project during the International Development Association’s (IDA) mid-term review meeting of its 20th financing round in Zanzibar. According to him, the IDA will cover at least $5 billion of the funding requirement, and the remaining will be from partners.
“We know it won’t solve the problem of access to power for the entire continent since more than 600 million Africans are facing it. But we see it as a start and a platform to draw more interest among IDA partners and join the cause through similar investments. The lack of energy access is the most significant challenge to development progress in the region today (as it) hinders economic recovery and faster progress toward poverty reduction,” the bank noted.