World Bank and AfDB Collaborate to Electrify Africa
The World Bank and the African Development Bank (AfDB) have joined forces with the ambitious goal of providing electricity access to 300 million people in Africa by 2030.
Currently, approximately 600 million individuals on the continent lack access to electricity, hindering economic growth and job creation.
Under this partnership, the World Bank aims to connect 250 million people through distributed renewable energy systems or the distribution grid.
This endeavor requires an estimated $30 billion in public sector funding and presents a significant $9 billion investment opportunity for the private sector. Simultaneously, the AfDB will focus on providing electricity access to an additional 50 million people.
Anjay Banga, President of the World Bank Group, emphasized the importance of collaboration and ambition in achieving this ambitious target.
He stated, “Our aspiration will only be realized with partnership and ambition. We will need policy action from governments, financing from multilateral development banks, and private sector investment to see this through.”
To execute its plan, the World Bank will leverage its existing regional energy projects and financial resources, including the International Development Association.
This strategic approach underscores the commitment of both organizations to address the critical issue of energy access in Africa and drive sustainable development across the continent.
