The African continent faces a significant challenge in providing affordable and reliable electricity to its population. Approximately 600 million people on the continent do not have access to such services, which hampers job creation and economic development. To address this issue, the World Bank has increased its goal from connecting 100 million Africans to the grid by 2030 to more than 250 million, up from the original target.
World Bank President Ajay Banga announced this new ambition at an event in Washington, D.C., stressing the urgency of the situation. He emphasized that providing electricity to millions of people is crucial in tackling energy access challenges in Africa. To achieve this goal, an estimated $30 billion of public sector investment is needed. The World Bank has committed $5 billion to the project, leaving a funding gap of $25 billion that needs to be filled through additional public funding sources.
Apart from the World Bank’s efforts, the African Development Bank is also working towards connecting an additional 50 million people to the grid by 2030. Banga highlighted the importance of making electricity a top priority for driving progress in various areas and urged for continued efforts across all levels of the World Bank to ensure that progress is made in providing electricity to millions of people on the continent by 2030.
