Empowering Africa: World Bank and African Development Bank Join Forces to Bring Electricity to 300 Million People by 2030

2024-04-17 18:54:25

An initiative by the World Bank Group and the African Development Bank Group might cut in half the number of people in Africa without access to electricity.

WASHINGTON, le 17 avril 2024 – The World Bank Group and the African Development Bank Group are partnering on an ambitious effort to provide electricity access to 300 million people in Africa by 2030.

The World Bank Group will work to connect 250 million people to electricity through decentralized renewable energy systems or distribution networks. The African Development Bank Group will support an additional 50 million people.

Access to electricity is a fundamental human right that underpins any successful development effort. Currently 600 million Africans do not have access to electricity, which creates significant obstacles in terms of health care, education, productivity, digital inclusion and job creation.

“Access to electricity is the foundation of all development. It is an essential ingredient for economic growth and large-scale job creation. Our aspiration will only be realized with partnership and ambition. We will need political action from governments, financing from multilateral development banks and investment from the private sector,” said Ajay Banga, President of the World Bank Group.

This partnership demonstrates the determination of the World Bank Group and the African Development Bank Group to be bolder to better address one of Africa’s most pressing challenges. This initiative is the latest manifestation of the World Bank Group’s commitment to becoming more impact-oriented and the result of a concerted work plan to build a better bank. It is supported by a constellation of regional energy programs which will now be aligned with this common objective.

For the World Bank Group to connect 250 million people, $30 billion in public investment will be needed, including through the International Development Association (IDA), the institution responsible for grants and concessional loans to low-income countries, which will play a key role. In addition, governments will need to put in place policies to attract private investment and reform public services so that they are financially sound and efficient through pricing mechanisms that protect the poor.

Connecting 250 million people to electricity would present private sector investment opportunities in distributed renewable energy, worth $9 billion for this sector alone. Furthermore, this initiative would offer considerable opportunities for private investment in grid-connected renewable energy, essential to fueling the growth of economies.

Contacts :

Daniella Van Leggelo Padilla, [email protected], [phone],
Christelle Chapoy, [email protected], [phone]

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