The World Bank and African Development Bank (AfDB) have announced a $40 billion financing program called Mission 300, aimed at providing electricity access to 300 million Africans by 2030, with $30 billion coming from the multilateral lenders and an expected $10 billion from private institutions.
To qualify for funding, participating countries must implement specific reforms including regulations that attract private investment, commitment to using lowest-cost electricity (typically renewable power), running competitive tenders for power generation projects, ensuring utilities charge sustainable rates, and developing plans for universal power access.
READ MORE: Mastercard Foundation Commits $200 Million To Support African Investment Vehicles
The initiative aims to address sub-Saharan Africa’s severe electricity crisis, where 570 million of the world’s 680 million people without electricity access reside. The program targets connecting half of the 300 million people through national grid projects and the remainder through off-grid technologies like solar mini-grids.
Thirteen countries, including Nigeria,
Democratic Republic of Congo, Chad, and Ivory Coast, will present their plans at an upcoming energy summit in Tanzania, with the AfDB committing $5 billion and
establishing guarantees and financial mechanisms to reduce risks for private investors.
Stanbic Bank Kenya has officially kickstarted the corporate earnings season by reporting a 5.5% growth…
President William Ruto launched a fierce critique of the global governance system, demanding sweeping reforms…
Treasury Principal Secretary Dr Chris Kiptoo has highlighted Kenya’s growing position as a strategic diplomatic…
Mama Ngina Waterfront is Mombasa’s vibrant public park overlooking the Indian Ocean, named after Mama…
Planned tax relief for salaried Kenyans earning below Sh50,000 has been paused after rising fuel…
President William Ruto has said Africa needs to start believing more in its own potential,…