Africa Secures $1.4bn for Electricity Access Initiative

Africa has secured $1.4 billion in co-financing for the Mission 300 initiative, which aims to provide electricity access to 300 million people by 2030. This initiative, launched by the World Bank and the African Development Bank, is set to commence in 2024.

The funding includes contributions from various international partners, with the European Investment Bank being the largest contributor at $347 million. Other significant contributions come from the African Development Bank ($161 million), Green Climate Fund ($129 million), and the Asian Infrastructure Investment Bank ($100 million).

The total financial commitment for the broader energy portfolio is projected to reach $4.6 billion by the fiscal year 2024. Currently, 50 million people have already gained access to electricity through this program.

The initiative also includes plans for new projects in Eritrea, aiming to provide electricity access to 15 million people annually, with a focus on off-grid energy solutions.