World Bank, ADB To Provide Power To 300 Mln People In Africa

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, April 17 (KUNA) -- The World Bank Group and African Development Bank Group are partnering on an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.
The World Bank Group will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid while the African Development Bank Group will support an additional 50 million people, the bank said in a statement.
Access to electricity is a fundamental human right and is foundational to any successful development effort.
Currently, 600 million Africans lack access to electricity, creating significant barriers to health care, education, productivity, digital inclusivity, and ultimately job creation, it added
"Electricity access is the bedrock of all development. It is a critical ingredient for economic growth and essential for job creation at scale," said Ajay Banga, World Bank Group President.
"Our aspiration will only be realized with partnership and ambition. We will need policy action from governments, financing from multilateral development banks, and private sector investment to see this through," Banga added.
This partnership is a demonstration of the determination of the World Bank Group and the African Development Bank Group to be bolder, bigger, and better in tackling one of the most pressing challenges in Africa.
The initiative is the most recent manifestation of the World Bank Group's commitment to become more impact-oriented and is the byproduct of a concerted work plan to build a better bank.
It is aided by a constellation of regional energy programs that will now be aligned toward this common goal. (end)
asj

MENAFN17042024000071011013ID1108108162