AfDB, World Bank commit $40 billion to expand Africa’s energy access
The President of the African Development Bank (AfDB), Akinwumi Adesina (left), and the President of the World Bank Group, Ajay Banga (right), exchange an agreement between the two institutions to implement Agenda 300. This took place during the African Heads of State Summit on Energy, held today in Dar es Salaam. PHOTO | SUNDAY GEORGE.
What you need to know:
- The lack of clean cooking solutions affects more than one billion people on the continent, disproportionately impacting women and children.
Dar es Salaam. The African Development Bank (AfDB) and the World Bank have committed a combined $40 billion to the ambitious “Mission 300” initiative, aimed at providing electricity access to 300 million people across Africa by 2030.
In a powerful address at the Africa Mission 300 Summit, AfDB President Dr Akinwumi Adesina highlighted the crucial role energy plays in Africa's economic growth.
He stressed that insufficient electricity access results in a 2-4 percent annual loss to the continent’s GDP, a major hindrance to development.
“Since the AfDB launched the New Deal on Energy for Africa in 2016, we have made significant strides,” Dr Adesina said. “The percentage of Africa’s population with electricity has increased from 39 percent in 2015 to 52 percent in 2024.”
However, he said, challenges persist. Over 571 million Africans remain without electricity, representing a staggering 83 percent of the global population without access.
The lack of clean cooking solutions affects more than one billion people on the continent, disproportionately impacting women and children.
“We must act decisively to close this gap,” Dr Adesina declared, announcing that Mission 300, launched in collaboration with World Bank President Ajay Banga, aims to reshape Africa’s energy landscape.
The AfDB has pledged $18.2 billion to the initiative, while the World Bank has committed $22 billion.
Additional backing has come from international partners, with the Rockefeller Foundation offering $20 million in technical assistance to develop country-specific energy plans.
The Islamic Development Bank has pledged $2.65 billion, the Asian Infrastructure Investment Bank has committed $1.5 billion, and the OPEC Fund has offered $1 billion. The French government is also expected to contribute significantly.
Dr Adesina expressed confidence that further development partners would join the mission. “We are optimistic that others will lend their support as we push forward,” he said.
Private sector participation is seen as key to achieving Mission 300’s ambitious goals.
Dr Adesina underscored the importance of reforms to expand renewable energy, enhance utility performance, and create a transparent framework for licensing, power purchase agreements, and tariffs.
“The private sector must play a pivotal role, especially in expanding mini-grids and off-grid systems to serve rural communities,” he said.
The AfDB President also called for strong leadership from African governments, encouraging them to take ownership of their energy goals through country-led energy compacts.
These compacts, he explained, would help implement effective, actionable strategies to improve energy access.
“Our collective effort is to support you, heads of state and governments, in delivering electricity for your people,” Dr Adesina stated, emphasising the importance of leadership, collaboration, and unwavering commitment from all stakeholders in meeting the continent’s energy needs.
With billions of dollars already pledged and a clear roadmap in place, Mission 300 is positioned to accelerate electricity access across Africa, boosting economic development and improving the quality of life for millions of people.
Dr Adesina concluded by urging African leaders to focus on transforming the continent’s energy future. “We need your personal leadership to make this possible,” he said.
