In a bold move to address Africa’s energy crisis, the World Bank and the African Development Bank (AfDB) pledged $48 billion to provide electricity to 300 million people across the continent.
They announced this commitment at the recently concluded Africa Energy Summit in Tanzania, under the banner of “Mission 300″.
At the summit, World Bank President, Ajay Banga, highlighted that electricity was a fundamental human right.
He stressed the importance of collaboration, stating: “No one can do it alone.
“Governments, businesses, philanthropies, and development banks must work together”.
Moreover, AfDB President, Akinwumi Adesina, followed up with a call for bold reforms to expand renewable energy, improve utility services, increase transparency in energy agreements, and establish fair pricing structures.
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Also, he emphasised the need for clear, country-led energy plans to meet national goals.
In addition, several organisations pledged significant financial support to improve energy access across Africa.
For instance, Agence Française de Développement committed €1 billion, while the Asian Infrastructure Investment Bank pledged between $1 to $1.5 billion.
Furthermore, the Islamic Development Bank Group promised $2.65 billion for energy projects from 2025 to 2030.
The Organisation of Petroleum Exporting Countries Fund also pledged $1 billion, with the potential for additional contributions.
Furthermore, the World Bank and AfDB launched Zafiri, an investment company that focuses on private-sector energy solutions.
With an initial $300 million for its first phase, Zafiri plans to raise $1 billion to bridge Africa’s energy gap.
Ultimately, the summit brought together international partners to tackle the continent’s energy challenges.
