African leaders pledged more than $50 billion to improve electricity access throughout the continent during the recent Africa Electricity Summit in Dar es Salaam, Tanzania.
The “Mission 300” project, which seeks to provide 300 million Africans with sustainable, affordable, and dependable power by 2030, includes this commitment as a key element.
Endorsed by thirty African countries, the Dar es Salaam Energy Declaration lays out plans to integrate renewable energy sources, restructure the power sector, and increase national electricity connections.
The program aims to raise at least $90 billion in funding for the expansion and low-cost rehabilitation of electrical infrastructure.
The African Development Bank (AfDB) will provide $10–15 billion, the World Bank will invest $30–40 billion, and private investors will provide the remaining funds, as previously reported by Entrepreneurng.
Furthermore, up to $6.15 billion has been committed by the Asia Infrastructure Investment Bank (AIIB) and the Islamic Development Bank (IsDB) to aid Africa’s electrification initiatives.
While the AIIB will offer $1-1.5 billion in finance, the IsDB will contribute $2.65 billion in project financing and an extra $2 billion for power project insurance.
The goal of these joint initiatives is to close the energy gap in Africa, where over 600 million people do not currently have access to power.
The project aims to increase economic growth, improve quality of life, and create jobs throughout the continent by expanding access to energy.
