World Bank, AfDB pledge $48bn to bridge Africa’s energy gap

The World Bank Group and the African Development Bank (AfDB) have pledged a combined donation of $48 billion to provide electricity to 300 million Africans, half of the 600 million currently without access.

Speaking at the recently concluded Mission 300 Africa Energy Summit in Tanzania, Ajay Banga, World Bank president, underscored the urgency of electrification, describing access to electricity as a fundamental human right.

“Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal,” he added.

Akinwumi Adesina, president of the African Development Bank, echoed the need for bold action, emphasising the importance of critical reforms to expand renewable energy, enhance utility performance, improve transparency in licensing and power purchase agreements, and establish cost-reflective tariff structures.

“Our collective effort is to support you, heads of state and government, in developing and implementing clear, country-led national energy compacts to deliver on your visions for electricity in your respective countries,” he added.

At the summit, key stakeholders announced major financial commitments to accelerate energy access across the continent under the Mission 300 initiative.

Agence Française de Développement pledged a donation of €1 billion, the Asian Infrastructure Investment Bank pledged between $1 billion and $1.5 billion, $2.65 billion from the Islamic Development Bank Group for energy access between 2025 and 2030, and an initial $1 billion from the Organisation of Petroleum Exporting Countries Fund, with the possibility of further contributions.

In addition to these commitments, the World Bank and the African Development Bank launched Zafiri, an investment company designed to drive private-sector-led solutions such as renewable mini-grids and solar home systems.

Its anchor partners plan to invest $300 million in its first phase and mobilize up to $1 billion to help bridge Africa’s energy equity gap.

The Mission 300 Africa Energy Summit was hosted by Tanzania, the African Union, the African Development Bank, and the World Bank, with strong support from international development partners, including the Rockefeller Foundation, ESMAP, the Global Energy Alliance for People and Planet, Sustainable Energy for All, and the Sustainable Energy Fund for Africa.