Isdb Group Announces Bold Pledge To Expand Energy Access In Africa

(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 28. The Islamic Development Bank (IsDB) Group has announced a bold pledge of USD 4.65 billion to support the Mission 300 initiative, joining forces with the World Bank Group, African Development Bank (AfDB), and other key partners, Trend reports via the IsDB.

This commitment underscores IsDB's dedication to bridging Africa's energy gap and accelerating socio-economic development. Mission 300, led by the World Bank and the AfDB, aims to provide electricity access to 300 million people across Africa by 2030.

Chairman of the Islamic Development Bank Group Dr. Muhammad Sulaiman Al Jasser said that the Group is taking bold action with a commitment of USD 2.65 billion, backed by USD 2 billion in insurance coverage for Africa's electricity sector.

“This strategic investment will de-risk projects, unlock private capital, and drive transformative energy solutions at scale. Building on our cumulative USD 33.5 billion financing for 622 energy projects across 25 African countries, we are determined to power a new era of opportunity,” said Al Jasser.

This multi-pronged approach focuses on renewable energy development, rural electrification, and leveraging Islamic finance instruments to mobilize private sector capital and scale transformative projects.

Over the past five decades, the IsDB Group has played a pivotal role in Africa's energy sector. These investments have supported grid expansion, renewable energy adoption, and innovative off-grid solutions, driving progress toward sustainable development and energy equity.

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