The African Energy Summit “Mission 300”, held in Tanzania with support from the African Union, the African Development Bank Group, and the World Bank, saw an unprecedented commitment of over $50 billion to enhance electricity access across Africa.
Akinwumi Adesina, President of the African Development Bank, emphasized the need for deep structural reforms, including expanding renewable energy, improving public utilities, ensuring transparency in energy contracts, and establishing predictable tariff systems. Meanwhile, Ajay Banga, President of the World Bank Group, reaffirmed that electricity is a fundamental human right, highlighting that 600 million people in Africa remain without access.
Key Commitments Announced at the Summit
- $48 billion from the African Development Bank and the World Bank to support Mission 300 by 2030.
- €1 billion from the French Development Agency (AFD) to expand electricity access in Africa.
- $1 to $1.5 billion from the Asian Infrastructure Investment Bank (AIIB).
- $2.65 billion from the Islamic Development Bank (IsDB) for the period 2025-2030.
- $1 billion initial commitment from the OPEC Fund, with additional financing expected.
- Launch of “Zafiri”, an investment company supporting private-sector energy solutions, with an initial $300 million, aiming to mobilize up to $1 billion.
These commitments highlight that collaboration between governments, financial institutions, and the private sector can drive a transformational shift in Africa’s energy sector, paving the way for sustainable development and improving the lives of millions.
🔗 Source: African Development Bank
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