Africa’s drive to provide electricity to 300 million people by 2030 has received a major boost after international development partners committed about $1.4 billion to support the ambitious energy initiative.
According to the Mission 300 Progress Report, the funding has been mobilised since the programme was launched in 2024 by the World Bank and the African Development Bank (AfDB) to tackle energy poverty across the continent.
The initiative aims to improve electricity access for millions of Africans, particularly in sub-Saharan Africa, where inadequate power supply remains a major obstacle to economic growth and development.
The report showed that the European Investment Bank is the largest co-financier so far, contributing $347 million, followed by the African Development Bank with $161 million and the Green Climate Fund with $129 million. Other contributors include the Government of Italy, the Asian Infrastructure Investment Bank, the French Development Agency, the OPEC Fund, and the European Commission.
Since the programme began, more than 50 million people have already gained access to electricity.
The World Bank and AfDB also plan to accelerate the initiative by approving more energy projects, expanding off-grid electricity solutions and promoting regional power integration across Africa.
According to Anna Bjerde, Managing Director of Operations at the World Bank, reforms introduced by participating countries are beginning to attract more investment.
“The momentum that we’ve been working on is starting to pay off. Governments have to double down on reforms because investment only comes where there is certainty,” she said.
The African Development Bank also announced plans to approve projects that could provide electricity to 15 million more people this year, including a $59 million mini-grid project in Eritrea.
The report noted that strengthening regional electricity markets and encouraging private-sector investment remain key to achieving the programme’s target.
For countries like Nigeria, where electricity shortages continue to affect homes and businesses, the initiative is expected to improve power access, support industrial growth and boost economic development.
Source: Bloomberg
