Nearly 600 million people in Africa currently live without electricity, the highest rate of energy poverty in the world. To address this, the World Bank and the African Development Bank (AfDB) launched Mission 300 in April 2024, a strategic initiative aimed at providing electricity to 300 million Africans by 2030. This ambitious plan seeks to connect at least half of Africa’s energy-deprived population, significantly improving the continent’s development prospects.
The initiative is expected to unlock $90 billion (€85 billion) in investment, which will come from a blend of multilateral development banks, private investors, and philanthropic organizations, including the Rockefeller Foundation. At a recent energy summit in Dar es Salaam, Tanzania, Kevin Kariuki, vice president for infrastructure at the AfDB, emphasized the need for cost-effective solutions to expand and rehabilitate Africa’s electricity grids.
This effort is crucial not only for alleviating energy poverty but also for stimulating economic growth. Access to reliable electricity is expected to generate new jobs and drive improvements in education, healthcare, and productivity across the continent. The World Bank plans to contribute $30-40 billion, while the AfDB will provide an additional $10-15 billion. The remaining funding will come from private sector investments and other sources.
As of now, the initiative is one of the most significant steps toward addressing Africa’s widespread electricity shortages, with the potential to transform millions of lives by 2030.
Sources: World Bank, African Development Bank, Rockefeller Foundation.
