The World Bank and the African Development Bank (AfDB) have partnered to connect 300 million people to electricity in Africa by 2030. The aim is to support economic growth and employment creation across Africa, where 600 million people currently live without access to electricity.
The World Bank will connect 250 million people via distributed renewable energy or the distribution grid, requiring $30 billion in public sector funding and presenting a $9 billion investment opportunity for the private sector. Concurrently, the AfDB will work to provide electricity access to 50 million people as part of the partnership.
Anjay Banga, World Bank Group President, said “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 achieve its goal, The World Bank will use its existing regional energy projects and financial resources such as the International Development Association.
