{"id":13926,"date":"2024-09-23T15:59:31","date_gmt":"2024-09-23T11:59:31","guid":{"rendered":"https:\/\/gbc1.net\/?p=13926"},"modified":"2025-02-25T18:35:20","modified_gmt":"2025-02-25T14:35:20","slug":"afdb-wb-and-partners-to-mobilize-90b-to-provide-electricity-to-300m-africans-by-2030","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2024\/09\/23\/afdb-wb-and-partners-to-mobilize-90b-to-provide-electricity-to-300m-africans-by-2030\/","title":{"rendered":"AfDB, WB and Partners to Mobilize $90B to Provide Electricity to 300M Africans by 2030"},"content":{"rendered":"\n

In the runup to Climate Week taking place in New York, the African Development Bank (AfDB) and the World Bank (WB) have partnered to implement the ambitious plan to connect 300 millions Africans to electricity by 2030. The program is codenamed as Mission 300 or #M300<\/a> for short and has received support from various organizations such as the Rockefeller Foundation, the Global Energy Alliance for People (#GEAPP<\/a>) and Planet and the Sustainable Energy for All (#SE4All<\/a>).<\/p>\n\n\n\n

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\u201cThe partnership of the World Bank Group and the African Development Bank Group to connect 300 million people in Africa to electricity is a game changer for Africa. No economy can grow, industrialize or be competitive in the dark without electricity. Our partnership is further bolstered by the support of GEAPP, The Rockefeller Foundation, and SEforALL, as we collectively drive towards the goal of supporting Africa to achieve universal access to electricity.\u201d<\/p>\nAfDB Chair Dr. Akinwumi Adesina<\/cite><\/blockquote>\n\n\n

\n
\"Mission
Mission 300 Logo<\/figcaption><\/figure><\/div>\n\n\n
\n

\u201cAccess to electricity is a fundamental human right that is foundational to development. Achieving our shared objective of expanding electricity access to 300 million in Africa will require a broad coalition that must keep growing. We need action from governments, financing from multilateral development banks, and investment from the private sector.  Together with GEAPP, The Rockefeller Foundation, and SEforALL, we are strengthening our partnership to support projects on the ground and accelerate the pace of electrification.\u201d<\/p>\nWB President Ajay Banga<\/cite><\/blockquote>\n\n\n\n

M300 seeks mainly to mobilize private-sector financing to boost electrification across Africa. Nearly half of Africa’s over one billion population is currently living without access to the electricity grid.<\/p>\n\n\n\n

For starters, GEAPP and the Rockefeller Foundation are committing USD 10 million to establish a technical assistance facility to direct philanthropic capital towards electrification projects in Africa. Initially, 11 countries, namely Burkina Faso, Cote d’Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mozambique, Nigeria, Tanzania and Zambia are being targeted. Countries within COMESA will also be eligible.<\/p>\n\n\n\n

\n

\u201cWhether our collective future is defined by crisis or opportunity depends on big bets like #Mission300<\/a>\u2014the most important global development undertaking in decades. We need unprecedented level of collaboration to more than double the current speed of electrification.”<\/p>\nThe Rockefeller Foundation President Dr Rajiv Shah<\/cite><\/blockquote>\n\n\n\n

The Rockefeller Foundation Catalytic Capital (RFCC) is the public charity of the Rockefeller Foundation<\/a> and has already received applications for more 63 projects spanning 20 African countries.<\/p>\n\n\n\n

The target is to mobilize a total of USD 90 billion through Multilateral Development Banks (MDB) , Private Sector Investments and Philanthropic Contributions. A substantial of the funds is expected to come from the replenishment of the International Development Association (IDA) which is the World Bank’s concessional financing arm targeted at low-income countries. In that context, it is worth recalling that sovereign governments pledged USD 120 billion at the ‘Final Pledging and Replenishment Meeting’ held in South Korea in December 2023. <\/p>\n\n\n\n

To direct and drive #M300<\/a>, the partners have appointed former head of #PowerAfrica<\/a> Andrew Herscowitz as the CEO of Mission 300 Accelerator at RFCC, One of his main responsibilities is to coordinate efforts with the AfDB and WB in order to accelerate the electrification process.<\/p>\n\n\n

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\"\"
Andrew Herscowitz (4th from left) at AfDB Meeting in 2023<\/figcaption><\/figure><\/div>\n\n\n
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\u201cAs we mobilize resources and expertise to accelerate electrification efforts across Africa, we recognize that transformative progress requires more than just financial investment\u2014it demands unparalleled collaboration and innovation. Together, we can drive a more equitable and sustainable energy future for all.\u201d<\/p>\nGEAPP CEO Woochong Um<\/cite><\/blockquote>\n\n\n\n

.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the runup to Climate Week taking place in New York, the African Development Bank (AfDB) and the World 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