World Bank Reaffirms Commitment To Provide Electricity To 300 Million Africans By 2030

The World Bank Group reaffirms its commitment to addressing Africa’s energy deficit, with a goal to provide electricity to half of the 600 million people on the continent who currently lack access.

Ajay Banga, President of the World Bank Group, announces this at the Mission 300 Africa Energy Summit in Tanzania.

“Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,” Banga states. “Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. Success requires collaboration, as governments, businesses, philanthropies, and development banks each have a key role to play.”

Dr. Akinwumi A. Adesina, President of the African Development Bank (AfDB), emphasizes the need for urgent reforms to accelerate electrification across the continent. “Critical reforms are necessary to expand renewable energy, improve utility performance, ensure transparency in licensing and power purchase agreements, and establish predictable tariffs that reflect production costs,” he explains. “Our collective efforts support heads of state and government in creating and implementing clear, country-led national energy plans to deliver on their electricity goals.”

At the summit, key stakeholders announce significant financial commitments to Mission 300, a strategic initiative aimed at increasing energy access in Africa. These commitments include:

  • African Development Bank Group & World Bank Group: A combined $48 billion in financing for Mission 300 through 2030, with flexibility to adjust based on implementation needs.
  • Agence Francaise de Development (AFD): €1 billion to support energy access initiatives in Africa.
  • Asian Infrastructure Investment Bank (AIIB): $1 billion to $1.5 billion for Mission 300.
  • Islamic Development Bank (IsDB): $2.65 billion for energy access projects from 2025 to 2030.
  • OPEC Fund: An initial commitment of $1 billion, with the possibility of additional financing.
  • World Bank Group and AfDB: Launch of Zafiri, an investment company focused on private sector-led solutions, including renewable mini-grids and solar home systems. The initiative’s partners plan to invest $300 million in its first phase, with plans to mobilize up to $1 billion to bridge Africa’s energy equity gap.

The Mission 300 Africa Energy Summit is hosted by the United Republic of Tanzania, the African Union, AfDB, and the World Bank Group, with strong support from global development partners, including the Rockefeller Foundation, ESMAP, the Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the Sustainable Energy Fund for Africa.

Africa’s electricity gap remains a major barrier to economic development, with millions of households and businesses lacking the energy required for essential services, industrial growth, and job creation. The financial commitments announced at the Mission 300 summit demonstrate a growing international resolve to address this challenge through renewable energy, private sector investments, and large-scale financing initiatives.

As the World Bank and its partners continue to drive Mission 300 forward, success will depend on efficient project execution, regulatory reforms, and sustained collaboration among governments, investors, and financial institutions.