The African continent is facing a major challenge in providing access to affordable and reliable electricity, with an estimated 600 million people currently without power. This lack of electricity is hindering job creation and economic development on the continent. To address this issue, the World Bank has set a new goal to connect more than 250 million Africans to the electricity grid by 2030, up from its original target of 100 million.
At an event in Washington, D.C., World Bank President Ajay Banga announced this new ambition and emphasized the urgency of the situation. He stressed that providing electricity to such a large portion of the population is crucial in tackling the energy access challenges in Africa. To achieve this goal, an estimated $30 billion of public sector investment is needed. The World Bank has committed $5 billion to the project, leaving a funding gap of $25 billion that needs to be filled through additional public funding sources.
Banga highlighted the importance of making electricity a top priority to drive progress in various areas across Africa. In addition to the World Bank’s efforts, the African Development Bank is also working to connect an additional 50 million people to the grid on the continent by the end of the decade.
Banga urged for continued efforts across all levels of government and other stakeholders to ensure that progress is made in providing electricity to millions of people on
