Powering Africa: A $6.15 Billion Pledge for Electricity Access

The Islamic Development Bank and the Asia Infrastructure Investment Bank have pledged $6.15 billion to a World Bank initiative, "Mission 300," seeking to connect 300 million Africans to electricity by leveraging funds from various global agencies and private entities. This effort aims to address Africa's energy needs, enhancing economic development.

The Islamic Development Bank (IsDb) and Asia Infrastructure Investment Bank (AIIB) have announced a $6.15 billion funding commitment to "Mission 300," an ambitious initiative aiming to connect 300 million Africans to electricity within six years.

The initiative was jointly launched by the World Bank and the African Development Bank in April and has an estimated total cost of $90 billion, supported by various international development organizations, private sector actors, and philanthropic entities.

Chairman of IsDb, Muhammad al Jasser, expressed the bank's commitment of $2.65 billion of project financing and $2 billion for insuring power projects. AIIB is contributing between $1-1.5 billion in financing, addressing the pressing issue of the 600 million Africans currently lacking electricity. The move is anticipated to not only provide essential energy but also create jobs and improve living conditions across the continent.

(With inputs from agencies.)