The World Bank has estimated that approximately 600 million people in Africa currently do not have access to affordable and reliable electricity. This lack of access hinders job creation and economic development on the continent. To address this issue, the World Bank has increased its goal to connect more than 250 million Africans to the electricity grid by 2030, up from the original target of 100 million.
World Bank President Ajay Banga announced this new ambition at an event in Washington, D.C. He emphasized 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 urgency of the situation, pointing out that millions of people on the continent still do not have any access to electricity. He stressed the importance of making electricity a top priority to drive progress in various areas. 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 in Africa by the end of the decade.
Banga emphasized the need for a collaborative effort and commitment from all stakeholders to reach this ambitious target. He urged for continued efforts across all levels of the World Bank to ensure that progress is made in providing electricity to millions of people in Africa by 2030.