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AfDB and World Bank to collaborate to provide electricity to 300 million Africans by 2030

Apr 19, 2024 | Politics | 0 comments

On Wednesday, the World Bank Group made a significant announcement, revealing its collaboration with the African Development Bank Group (AfDB) in a bold initiative to grant electricity access to at least 300 million people in Africa by 2030.

In a statement released on Wednesday, the Bank outlined its commitment to connecting 250 million individuals to electricity through either distributed renewable energy systems or the conventional distribution grid. Additionally, the African Development Bank Group pledged support to empower an additional 50 million people with electricity access.

The Bank emphasized that access to electricity is not just a convenience but a fundamental human right essential for successful development endeavors. Presently, a staggering 600 million Africans lack access to electricity, posing significant obstacles to healthcare, education, productivity, digital inclusion, and, ultimately, job creation.

Describing the partnership as a testament to the resolve of both the World Bank Group and the African Development Bank Group, the statement highlighted their shared determination to address one of Africa’s most pressing challenges on a larger scale.

This initiative reflects the World Bank Group’s commitment to enhancing its impact and is the culmination of concerted efforts to evolve into a more effective institution. Leveraging a network of regional energy programs, the partnership will channel resources toward the common goal of electrifying Africa.

To achieve the target of connecting 250 million people, the World Bank Group estimates a requirement of $30 billion in public sector investment, with a crucial role assigned to IDA, the Bank’s concessional arm for low-income countries. Moreover, governments are urged to enact policies conducive to attracting private investment and reforming utilities to ensure financial viability and efficiency, accompanied by tariff mechanisms that safeguard the interests of the impoverished.

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