World Bank partners with AfDB to connect 300 mln people in Africa to electricity-Xinhua

World Bank partners with AfDB to connect 300 mln people in Africa to electricity

Source: Xinhua

Editor: huaxia

2024-04-18 20:00:00

NAIROBI, April 18 (Xinhua) -- The World Bank and the African Development Bank (AfDB) Group said they have partnered on an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.

Under the collaboration, the World Bank Group will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid, while the AfDB Group will support an additional 50 million people.

"Connecting 250 million people to electricity would open private sector investment opportunities in distributed renewable energy alone worth 9 billion U.S. dollars," the two lenders said in a statement released on Wednesday evening.

The lenders said the initiative could halve the number of people in Africa without electricity access.

According to the World Bank, 600 million Africans now lack access to electricity, creating significant barriers to health care, education, productivity, digital inclusivity, and ultimately job creation.

"This partnership is a demonstration of the determination of the World Bank Group and the AfDB Group to be bolder, bigger, and better in tackling one of the most pressing challenges in Africa," the two lenders said.

The World Bank said 30 billion dollars of public sector investment will be needed for the group to connect 250 million people.

Governments will also need to put in place policies to attract private investment and reform their utilities so that they are financially sound and efficient with tariff mechanisms that protect the poor, it said.

"Beyond that, there would be substantial opportunities for private investments in grid-connected renewable energy needed to power economies for growth," the lender said.