The World Bank Group (WBG) has announced that it has sealed a partnership with African Development Bank (AfDB) Group.
The deal is aimed at providing no fewer than 300 million people in Africa with electricity access by 2030.
This is contained in a statement issued by the World Bank Online Media Centre Thursday..
According to the statement, WBG would strive to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid, and the AfDB Group would cover the connection of an additional 50 million people.
”Access to electricity is a fundamental human right and is foundational to any successful development effort.
”Currently, 600 million Africans lack access to electricity, creating significant barriers to health care, education, productivity, digital inclusivity, and ultimately job creation.”
The statement emphasized that the partnership was a testament of the commitment of the WBG and the AfDB Group to tackling one of the unsolved challenges in Africa.
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The initiative is the most recent manifestation of the WBG’s commitment to become more impact-oriented and is the byproduct of a concerted work plan to build a better bank.
“It is aided by a constellation of regional energy programmes that will now be aligned toward this common goal.”
The statement quoted Ajay Banga, World Bank Group President, as saying “Electricity access is the bedrock of all development.
“It is a critical ingredient for economic growth and essential for job creation at scale.
“Our aspiration will only be realised with partnership and ambition.
“We will need policy action from governments, financing from multilateral development banks, and private sector investment to see this through.”
$30 billion of public sector investment will be needed to connect 250 million people, according to the World Bank Group, of which the International Development Association (IDA), the World Bank’s concessional arm for low-income countries, will play significant role.
“Connecting 250 million people to electricity would open private sector investment opportunities in distributed renewable energy alone worth nine billion dollars.
“Beyond that, there would be substantial opportunities for private investments in grid-connected renewable energy needed to power economies for growth”.
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