The World Bank has announced a bold new initiative to bring electricity to millions of Africans by 2030, doubling its original goal from 100 million to over 250 million people. This ambitious plan comes in response to the staggering statistic that approximately 600 million individuals on the African continent currently lack access to affordable and reliable electricity.
World Bank president Ajay Banga revealed the increased target during an event at the Bank’s headquarters in Washington, emphasizing the urgent need to address the power deficit in Africa. To achieve this goal, the Bank estimates that $30 billion in public sector investment will be required, with $5 billion already committed to the project.
Despite the substantial financial commitment, there remains a funding gap of $25 billion, which the World Bank hopes to fill through various channels, including the International Development Association. Banga stressed the importance of electrifying the continent, stating that providing power to the people is a top priority.
In addition to the World Bank’s efforts, the African Development Bank is also aiming to connect an extra 50 million individuals to the grid by 2030. Banga expressed optimism about the collective impact of these initiatives, highlighting the necessity of collaboration across different sectors to achieve success.
With millions of lives at stake and economic prosperity on the line, the race to bring electricity to Africa is on. The World Bank’s renewed commitment signals a step in the right direction towards achieving this crucial goal and transforming the lives of millions of people on the continent.
