Addressing the issue of expanding electricity coverage in Africa takes center stage at the Spring Assemblies of the World Bank and IMF, currently underway in Washington. The presidents of the World Bank and the African Development Bank have announced a new commitment: connecting 300 million Africans to the electrical grid by 2030.
On the continent, 600 million people lack access to electricity, leading to challenges in economic development. “Energy is like the blood in your body: it enables life. Economies thrive with energy. There is a direct link between energy and GDP growth. No economy can develop in darkness,” remarked Akinwumi Adesina, President of the African Development Bank.
The World Bank had previously announced a plan to connect 100 million Africans to the electrical grid. However, on Wednesday, April 17th, in Washington, the institution aims to go further. “Today, we are increasing this commitment,” emphasized Ajay Banga, President of the World Bank. “With the assistance of all branches of the World Bank in Africa, we aim to connect 250 million people to the electrical grid.”
This figure includes an additional 50 million people to be connected by the AfDB. However, the endeavor comes at a substantial cost, estimated at around $30 billion. Funding will be drawn from the World Bank’s fund allocated to the poorest countries. The institution also aims to involve both private and public sectors in financing this initiative.