AfDB, WB to connect 300 million to power
The World Bank and the African Development Bank (AfDB) aim to bring electricity access to millions across Africa by 2030, in a deal set to loop in more Kenyans to the national grid.
Under this ambitious project, the World Bank plans to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid, while the AfDB Group aims to support an additional 50 million people.
World Bank Group President Ajay Banga said electricty is a fundamental human right and a cornerstone of successful development efforts. He pointed out that there are significant challenges posed by the lack of electricity access, including barriers to healthcare, education, productivity, digital inclusivity, and job creation, affecting approximately 600 million Africans.
Banga stressed that achieving universal electricity access requires substantial investment and collaboration.
“Electricity access is the bedrock of all development. It is a critical ingredient for economic growth and essential for job creation at scale. 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,” said Mr. Banga.
To connect 250 million people, he estimated that $30 billion of public sector investment would be necessary, with a crucial role played by the International Development Association (IDA), the World Bank’s concessional arm for low-income countries.
To ensure financial stability and efficiency, with tariff mechanisms that protect vulnerable populations, governments must work with private sector.
