BY MUSA SHUBOMI TIMILEYHIN
The World Bank Group has announced that it is partnering with the African Development Bank Group (AfDB) in an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.
The bank, in a statement on Wednesday, said it will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid while the African Development Bank Group will support an additional 50 million people.
The bank noted that access to electricity is a fundamental human right and is foundational to any successful development effort.
Currently, it said, 600 million Africans lack access to electricity, creating significant barriers to health care, education, productivity, digital inclusivity, and ultimately job creation.
According to the statement, the partnership is a demonstration of the determination of the World Bank Group and the African Development Bank Group to be bolder, bigger and better at tackling one of the most pressing challenges in Africa.
It said the initiative is the most recent manifestation of the World Bank Group’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.
“For the World Bank Group to connect 250 million people, $30 billion of public sector investment will be needed, of which IDA, the World Bank’s concessional arm for low-income countries, will be critical,” the statement said.
In addition, it said governments will need to put in place policies to attract private investment and reform their utilities so they are financially sound and efficient with tariff mechanisms that protect the poor.
