The new partnership aims to connect 300 million Africans to electricity by 2030

The World Bank Group will work to connect 250 million people to electricity through decentralized sustainable 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, creating significant barriers to healthcare, education, productivity, digital inclusion and job creation.

“ Access to electricity is the basis of all development. It is an essential ingredient for economic growth and large-scale job creation. Our ambition can 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 become more impact-oriented and the result of a coordinated work plan to build a better bank. It is supported by a constellation of regional energy programs that will now be aligned towards this common objective.

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

Connecting 250 million people to electricity would create private sector investment opportunities in distributed renewable energy, worth $9 billion for this sector alone. Furthermore, this initiative would provide significant opportunities for private investment in grid-connected renewable energy, which is essential for boosting the growth of economies.