World Bank, African Development Bank, And Other Funders Pledge $50 Billion To Electrify Africa

By Semafor Africa

Photos: YouTube Screenshots

The World Bank, African Development Bank, and their partners pledged more than $50 billion to bring electricity to 300 million Africans by 2030.

“It’s time to put our money where our mouth is,” World Bank President Ajay Banga said at the inaugural Africa Energy Summit in Dar es Salaam that brought together 30 heads of African governments, development bank leaders, private sector financiers, and philanthropic foundations.

He called for countries in the region to ramp up reform regulations and policies that have been a barrier for potential investors to help overcome a crippling electricity crisis: Some 571 million people on the continent still have no access to electricity.

“It’s not just about energy transition, this is about dignity. Africa must develop with dignity and pride,” said AfDB President Akinwumi Adesina.

Yinka Adegoke