Empowering Africa: Mission 300's $8 Billion Boost Towards Energy Access

Mission 300, an initiative to connect 300 million Africans to electricity, has secured over $8 billion in pledges from international lenders. Led by the World Bank and the African Development Bank, the project, costing $90 billion, faces economic challenges in the region but aims to provide power and clean energy sources, promoting job creation and development.

An ambitious initiative to connect 300 million Africans to electricity within the next six years has secured over $8 billion in pledges from lenders, including the Islamic Development Bank and the Asia Infrastructure Investment Bank. Known as Mission 300, it was launched by the World Bank and the African Development Bank in April, with a total projected cost of $90 billion.

Despite financial constraints in the region, funding for this monumental project is expected to flow from multilateral development banks, private businesses, and philanthropic entities such as the Rockefeller Foundation. Zambian President Hakainde Hichilema emphasized at a Tanzania energy summit that national resources alone are insufficient and external funds are necessary.

Acknowledging the severe energy deficit, AIIB President Jin Liqun stated that 600 million Africans without electricity is unacceptable. As part of the latest funding round, the IsDB committed $2.65 billion in project financing and an additional $2 billion for insurances, while the AIIB pledged between $1 and $1.5 billion. Mission 300 aims to deliver power from both national grids and renewable sources, like wind and solar, said officials.

(With inputs from agencies.)