The President of the African Development Bank, Akinwumi Adesina, has announced that the AfDB and the World Bank Group are committing $40 billion to the Mission 300 initiative, which aims to provide electricity to 300 million Africans by 2030.
This was disclosed by Adesina disclosure during his opening remarks titled, “From Ideas to Action to Accelerate Energy Access,” at the Mission 300 Africa Energy Summit held on Tuesday in Dar es Salaam, Tanzania.
Adesina revealed that the $40 billion financial commitment includes $18.2 billion from the AfDB and $22 billion from the World Bank.
He also noted that support from other partners is growing, with substantial pledges from the Islamic Development Bank, Asian Infrastructure Investment Bank, and the OPEC Fund.
Adesina urged African leaders to seize the moment, stating, “Together, let us decisively use Mission 300 to provide 300 million people in Africa with electricity by 2030.”
Dr. Adesina expressed gratitude for the technical and financial contributions from partners, including the Rockefeller Foundation, highlighting their crucial role in supporting the Mission 300 initiative.
He also highlighted the AfDB’s Desert to Power initiative, which aims to generate 10,000 megawatts of solar power across 11 countries, providing electricity to an additional 250 million people. Together, these efforts are set to transform the continent, working towards achieving universal access to electricity in Africa.
According to Adesina, the lack of electricity cuts Africa’s Gross Domestic Product by 2% to 4%.
He highlighted the progress made under the AfDB’s New Deal on Energy for Africa, launched in 2016, noting that the proportion of Africans with access to electricity has increased from 39% in 2015 to 52% in 2024.
He also pointed out that over 25 million people have gained access to electricity through the AfDB’s initiatives.
However, despite these advancements, significant challenges remain, with 571 million Africans still without electricity, accounting for 83% of the global population lacking power.
