World Bank, African Development Bank collaborate to expand access to electricity in Africa

(MENAFN) The World Bank and the African Development Bank have unveiled an ambitious collaboration aimed at extending electricity access to approximately 300 million people in Africa by the year 2030. This initiative comes at a critical juncture, with over half a billion individuals in Sub-Saharan Africa facing the risk of being without electricity by the end of the decade.

Under this partnership, the World Bank commits to connecting 250 million people to electricity through the implementation of renewable energy systems, while the African Development Bank pledges to support an additional 50 million people in gaining access to electricity.

The provision of energy to Africa has emerged as a central theme during the annual spring meetings of the World Bank and the International Monetary Fund, which commenced on April 15 and are slated to conclude on the 20th. Emphasizing the significance of this initiative, the World Bank underscores that access to electricity is not just a convenience but a fundamental human right, serving as a cornerstone for successful development endeavors. Currently, an estimated 600 million Africans lack access to electricity, posing substantial barriers to healthcare, education, productivity, inclusivity, and ultimately, job creation.

Ajay Banga, President of the World Bank Group, underscores the pivotal role of electricity access in fostering economic growth and employment opportunities. He asserts that achieving this ambitious goal necessitates concerted efforts through partnerships, political commitment from governments, and substantial financing from multilateral development banks and private sector investors. In essence, the realization of universal electricity access in Africa hinges on collective action and unwavering determination from all stakeholders involved.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.