AFRICA – The President of the World Bank, Ajay Banga, has announced a US$5 billion allocation aimed at providing ‘reliable, affordable, renewable electricity’ to 100 million Africans by the decade’s end.
According to the World Bank’s estimates, approximately 600 million people in Africa lack access to dependable electricity, significantly impeding job creation and economic growth across the continent.
Banga emphasized the necessity to connect more individuals to a greener energy grid to meet the organization’s fresh objective of combating poverty while ensuring a sustainable environment.
Speaking at a meeting of the International Development Association (IDA) in Zanzibar, Tanzania, he stressed that electricity access should be universal.
“We are embarking on a mission, supported by US$5 billion from IDA, to provide reliable, affordable, renewable electricity to 100 million Africans by 2030,” Banga stated, outlining the initiative’s scope.
Additionally, alongside IDA’s commitment, the World Bank aims to mobilize an extra US$10 billion from both private and public sources to bolster the project.
The plan entails modernizing existing grids, expanding solar power infrastructure, enhancing reliability, and promoting cross-border energy trade.
Banga highlighted the necessity to finance a transformative world that safeguards the climate while eradicating poverty.
Recently, Germany pledged US$4.36 billion in green energy across Africa by 2030.
This announcement was made by German Chancellor Olaf Scholz during a press conference in Berlin, following discussions with African leaders and heads of international organizations, including Dr. Akinwumi Adesina, President of the African Development Bank Group, at the G20 Compact with Africa conference.
The Compact with Africa, initiated by Germany in 2017 during its G20 presidency, aims to enhance conditions for sustainable private sector investment and infrastructural development in Africa.
Presently, 13 African countries have joined this initiative, striving to create conducive environments for investments and growth: Benin, Burkina Faso, Côte d’Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo, and Tunisia.
Chancellor Scholz emphasized the commencement of robust cooperation between Africa and Europe, emphasizing the achievement of a climate-friendly energy supply based on green hydrogen.
He assured African leaders, stating, “Produce green hydrogen, and you can rely on us as buyers.” Describing Africa as a primary partner, he advocated for the utilization of natural resources within the continent, stressing local processing to generate employment and prosperity.
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