The World Bank has invested $5 billion to provide access to “reliable, affordable, renewable electricity” for 100 million Africans by the end of the decade.
This ambitious initiative aims to tackle the continent’s chronic energy access deficit, currently estimated to affect around 600 million people in Africa.
In an effort to address poverty on a sustainable planet, World Bank President Ajay Banga emphasized the need to connect more people to a greener energy grid. Speaking at a meeting of the International Development Association (IDA) in Zanzibar, Tanzania, Banga stated, “Electricity should be for everyone.”
“With $5 billion from IDA, we are on a mission to deliver reliable, affordable, renewable electricity to 100 million Africans before 2030,” he said.
Alongside the commitment from IDA, the World Bank is looking to bring in an additional $10 billion in private and public funding to aid the project, he added.
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The plan will look to modernize existing grids, build out solar power, improve reliability and boost cross-border trade in energy, he explained.
“We must find a way to finance a different world, where climate is protected and poverty is defeated,” he said.
(APF)