African Development Bank’s role in electrification
$90 billion initiative for Africa’s energy access
Collaborative efforts to power Africa
Africa has launched an ambitious plan to connect 300 million people to electricity by 2030. The “Mission 300” project, led by the African Development Bank (AfDB) and the World Bank, seeks to raise $90 billion to expand and modernize Africa’s power infrastructure. Several countries, including Nigeria, Senegal, Zambia, and Tanzania, have pledged to reform their electricity sectors. These reforms focus on strengthening utilities, integrating renewable energy, and increasing national grid connections. The initiative aims for half of the new connections to come from existing grids, while the rest will rely on solar and wind-powered mini-grids. To support this goal, the Islamic Development Bank (IsDB) and the Asia Infrastructure Investment Bank (AIIB) have pledged $6.15 billion. The IsDB will provide $2.65 billion in project financing and $2 billion for power project insurance. Meanwhile, the AIIB has committed $1-1.5 billion in funding. This collaborative effort marks a major step toward sustainable development and job creation. With 600 million Africans still without electricity, this initiative could transform lives and power economic growth.
