The World Bank and African Development Bank have outlined requirements for African nations to secure $40 billion in financing to address the continent’s electricity crisis.
The initiative, dubbed Mission 300, aims to provide electricity to 300 million Africans by 2030, with $30 billion pledged by the two multilateral lenders and an additional $10 billion expected from private sector investments.
To access the funding, countries must implement regulations that attract private investment, prioritize cost-effective renewable energy, and commit to achieving universal electricity access. Thirteen nations will present their strategies at the upcoming Mission 300 energy summit in Tanzania. With sub-Saharan Africa accounting for 570 million of the 680 million people globally without electricity, the program seeks support from private developers, financial institutions, and philanthropies to make renewable energy projects in the region more profitable. Participating nations must also ensure competitive bidding for power projects and utilities capable of covering operating costs