The World Bank and African Development Bank (AfDB) have announced terms for African countries to secure $40 billion in power finance under the ‘Mission 300’ programme.
According to a report by Bloomberg recenly, the initiative is aimed at providing electricity to 300 million Africans by 2030.
The publication said the goal of the programme is to connect half of the continent’s population through national grid-linked power projects, and the remainder via off-grid technologies such as solar mini-grids.
It also said the programme pledges $30 billion in finance from the banks, with an additional $10 billion expected from private institutions.
Speaking on the investment, Wale Shonibare, director of energy and financial solutions at AfDB, said committing $5 billion to the project will collaborate with other institutions to establish guarantees and financial mechanisms to mitigate risks for private investors.
