AfDB, W’Bank pledge $40bn to Mission 300 initiative

• Published On: 28 January 2025 at 19:42

Akinwumi Adesina, President of the African Development Bank, said that the AfDB and the World Bank Group will devote $40 billion to the Mission 300 program, which aims to give power to 300 million Africans by 2030.

This was revealed by Adesina during his opening remarks, "From Ideas to Action to Accelerate Energy Access," at the Mission 300 Africa Energy Summit on Tuesday in Dar es Salaam, Tanzania.

Adesina stated that the $40 billion financing commitment includes $18.2 billion from the AfDB and $22 billion from the World Bank.

He also mentioned that funding from other partners is increasing, with significant pledges from the Islamic Development Bank, Asian Infrastructure Investment Bank, and the OPEC Fund.

Adesina urged African leaders to grab the opportunity, saying, "Together, let us decisively use Mission 300 to provide 300 million people in Africa with electricity by 2030."

Dr. Adesina thanked partners for their technical and financial contributions, notably the Rockefeller Foundation, and emphasized their critical role in advancing the Mission 300 program.

He also mentioned the AfDB's Desert to Power initiative, which seeks to develop 10,000 megawatts of solar power in 11 countries, supplying electricity to an additional 250 million people. Together, these programs aim to alter the continent by delivering universal access to energy throughout Africa.

According to Adesina, the lack of power reduces Africa's GDP by 2% to 4%.

He emphasized the progress made under the AfDB's New Deal on Energy for Africa, which was introduced in 2016, adding that the proportion of Africans having access to power has climbed from 39% in 2015 to 52% by 2024.

He also noted that the AfDB's programs had provided electricity to over 25 million people.

Despite these advances, considerable obstacles persist, with 571 million Africans still without electricity, accounting for 83% of the world's population without power.