$40 Billion Power Push: World Bank & AfDB Aims to Electrify Africa by 2030
Monday 27th – Nairobi Kenya
Dar es Salaam, Tanzania – In a landmark initiative to bridge Africa’s electricity gap, the World Bank and the African Development Bank (AfDB) have pledged a combined $40 billion to expand access to electricity across the continent. The commitment, unveiled at the Mission 300 Africa Energy Summit in Dar es Salaam, aims to connect 300 million Africans to reliable power by 2030.
The World Bank has committed $22 billion, while the AfDB will contribute $18.2 billion towards energy infrastructure and policy reforms. The initiative focuses on integrating green energy sources to create a sustainable power network that meets Africa’s growing demands.
Ajay Banga, President of the World Bank Group, emphasized the role of policy reforms in the success of the initiative. “The idea of putting so much of our money is to ensure that governments enact the necessary policy changes,” Banga stated. He stressed that the funding will empower governments to implement structural reforms and attract private sector investments.
The summit brought together African leaders, energy ministers, international development partners, private sector representatives, and civil society organizations. A key outcome was the Dar es Salaam Energy Declaration, which outlines commitments from African governments to drive energy sector reforms.
As part of the initiative, 12 African nations – Chad, Côte d’Ivoire, the Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia – presented National Energy Compacts. These compacts serve as blueprints with country-specific goals and timelines for reforms, with more African nations expected to join in subsequent phases.
AfDB President Dr. Akinwumi Adesina underscored the urgency of the project. “Africa cannot continue to struggle with electricity shortages. This summit must lead to real actions, not just commitments,” he said, calling for practical steps to ensure tangible results.
The Mission 300 initiative is expected to drive economic growth by improving electricity access for businesses, schools, and hospitals. Reliable energy is crucial for industrialization, job creation, and overall development.
However, experts note that achieving the initiative’s goals will require more than financial investments. Comprehensive policy reforms, regional cooperation, and capacity building are essential to ensuring the success of energy projects. Governments are urged to implement policies that attract private investments, improve utility efficiency, and promote renewable energy adoption.
Africa’s renewable energy potential is vast, with abundant solar, wind, and hydroelectric resources. Leveraging these resources will be key in creating an affordable and resilient energy mix. The initiative also stresses the importance of cross-border energy projects to enhance regional energy security and efficiency.
Private sector participation will be vital. While the $40 billion commitment is significant, additional investments from private companies will be necessary to bridge the remaining energy gap. Transparent regulations, fair competition, and risk mitigation mechanisms will be crucial in attracting private investors.
The success of the initiative also hinges on capacity building. Training programs for policymakers, engineers, and utility managers will ensure the effective planning, execution, and maintenance of energy projects.
As Africa embarks on this ambitious journey, the Mission 300 initiative stands as a beacon of hope. If executed successfully, it will not only transform the energy landscape but also unlock Africa’s economic potential, improve livelihoods, and promote environmental sustainability.
