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Energy

Banks, non-profits team up to provide electricity for 300m Africans

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The African Development Bank (AfDB) and the World Bank Group have revealed plans of committing $40 billion toward the Mission 300 initiative.

The goal of the Mission 300 initiative is to provide electricity to 300 million Africans by 2030.

The financial commitment, according to AfDB chairman, Dr. Akinwumi Adesina, includes $18.2 billion from the AfDB and $22 billion from the World Bank.

Adesina disclosed this while delivering his welcome remarks tagged “From Ideas to Action to Accelerate Energy Access” at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania on Tuesday.

He said, “Mission 300 has grown into a global movement. Together, we are creating a brighter future for millions of Africans.

“This coalition represents an unprecedented alliance of financial and technical resources.”

During his speech, he highlighted the progress made under the AfDB’s New Deal on Energy for Africa, launched in 2016, saying, “Since its inception, the share of the African population with access to electricity has risen from 39 per cent in 2015 to 52 per cent in 2024.”

Adesina stated that over 25 million people had gained access to electricity through AfDB’s initiatives.

He lamented that, in spite of these gains, significant challenges remained as 571 million Africans still lived without electricity, constituting 83 per cent of the global population without power.

“Furthermore, over a billion people lack access to clean cooking solutions, with dire consequences for women’s and children’s health.

“We must take decisive actions to further drive down these numbers,” he urged, emphasising the urgency of expanding energy access.”

Adesina however stated that the goal was achievable as support from other partners is growing, with significant pledges from the Islamic Development Bank, Asian Infrastructure Investment Bank and the OPEC Fund.

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