The World Bank, in collaboration with the African Development Bank (AfDB), aims to connect 300 million people to electricity in Africa by 2030. This initiative seeks to foster economic growth and job creation in a region where 600 million people lack access to electricity. With the World Bank targeting 250 million connections through renewable energy or the distribution grid, requiring $30 billion in public sector funding, and presenting a $9 billion investment opportunity for the private sector, the AfDB will focus on providing electricity access to 50 million people.
The World Bank Group President stressed the necessity of partnership and ambition to realize this aspiration, emphasizing the crucial role of government policies, financing from multilateral development banks, and private sector investment in achieving the goal. The World Bank will leverage its existing regional energy projects and financial resources, including the International Development Association, to advance this ambitious agenda.