Dar es Salaam: Dr Akinwumi Adesina, President and Chairman of the Board of Directors of the African Development Bank (AfDB), has announced a significant financial commitment from the AfDB and the World Bank Group, totaling $40 billion towards Mission 300. The announcement was made during the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, where Adesina highlighted the initiative’s goal to provide electricity to 300 million Africans by 2030.
According to News Agency of Nigeria, the financial package for Mission 300 comprises $18.2 billion from the AfDB and $22 billion from the World Bank. Adesina noted the growing support from partners such as the Islamic Development Bank, Asian Infrastructure Investment Bank, and the OPEC Fund, expressing gratitude for contributions from entities like the Rockefeller Foundation. He urged African leaders to capitalize on this momentous opportunity to deliver electricity to millions by 2030.
Adesina also discussed AfDB’s complementary Desert to Fire initiative, aiming to deliver 10,000 megawatts of solar power to 11 countries, potentially bringing electricity to an additional 250 million people. He emphasized that these efforts could revolutionize the continent’s energy landscape, citing the AfDB’s New Deal on Energy for Africa, which has increased access to electricity from 39% in 2015 to 52% in 2024. Despite these advancements, he stressed that 571 million Africans remain without electricity, urging further action to address this challenge.
Mr Ajay Banga, President of the World Bank, underscored the importance of collaboration to combat energy poverty. He highlighted the need for job creation for Africa’s burgeoning youth population and announced that the World Bank would allocate $30 billion to $40 billion toward Mission 300 over the next six years. Banga emphasized the role of governments and the private sector in driving reforms and investments necessary for the initiative’s success.
Dr Rajiv Shah, President of the Rockefeller Foundation, spoke on the importance of African leadership and global partnerships in achieving widespread energy access. He acknowledged the formidable challenges ahead but expressed optimism in the leadership and commitment driving Mission 300. Shah reiterated the Rockefeller Foundation’s dedication to the partnership, focusing on replacing costly diesel generators with affordable, reliable electricity, essential for job creation and economic growth.
Mission 300 represents a collective effort to address Africa’s longstanding energy challenges, with the potential to transform lives and economies across the continent.