World Bank, AfDB to provide electricity for 300m Africans by ’30

The World Bank Group (WBG) and African Development Bank (AfDB) have launched an initiative to provide electricity to 300 million African citizens by 2030, utilising distributed renewable energy systems and distribution networks.

This initiative, announced during the 2024 African Caucus Meeting, aims to enhance services and support economic growth through partnerships with multilateral development banks and private sector investments.

Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, emphasised the importance of this initiative in addressing Africa’s developmental challenges and advancing the Africa 2063 development agenda. She further highlighted the alignment between Egypt Vision 2030 and Africa 2063, advocating for regional integration and South-South cooperation.

The meetings emphasised activating the African Continental Free Trade Area Agreement (AfCFTA) through standardised payment systems, digital transformation, and sustainable infrastructure. Discussions further covered financing for startups and digital technology, trade and regional integration, and the impact of digital transformation on development. Key topics also included infrastructure development, energy provision, and connectivity services to foster economic growth.

The WBG strategy on regional integration in Africa, the 21st replenishment of the International Development Association (IDA) resources, and cooperation mechanisms between the WBG and African countries were also discussed. Moreover, areas of focus were the Digital Africa report, the Land Policies for Resilience and Inclusive Growth report, and structural reforms to encourage private sector development.