World Bank Invests $8.2 Billion in Africa's Power Supply

The World Bank Group has announced a commitment of $8.2 billion to expand electricity access across Sub-Saharan Africa, addressing the needs of nearly 600 million people who currently live without power. This funding is part of a broader initiative called "Mission 300," which aims to connect 300 million people to electricity by 2030.

The World Bank targets to connect 250 million people, while the African Development Bank expects to deliver the remaining 50 million connections. The initiative will leverage a combination of public and private sector financing, having already mobilized an additional $1.2 billion for projects across 40 countries.

Despite recent progress, electricity access remains a significant constraint on economic growth in the region. The program is designed to not only expand access but also drive broader economic transformation, linking electricity supply to job creation and industrial growth.

Ajai Banga, President of the World Bank, emphasized the importance of this initiative in supporting sustainable energy infrastructure across Africa.