An initiative to connect 300 million Africans to electricity over the next six years has secured over $8 billion in new funding from global financial institutions, strengthening efforts to bridge the continent’s energy gap.
Mission 300, launched by the World Bank and the African Development Bank (AfDB) in April, aims to provide electricity access to half of those currently without power in Africa. The project, estimated to cost $90 billion, faces financial constraints due to high debt burdens and limited government revenues across the region.
Zambian President Hakainde Hichilema emphasized the financial hurdles at the Africa Energy Summit in Tanzania, stating that national budgets alone cannot meet the ambitious target. The latest commitments include $2.65 billion in project financing and $2 billion in power project insurance from the Islamic Development Bank, while the Asia Infrastructure Investment Bank (AIIB) pledged up to $1.5 billion. Additional contributions come from the French Development Agency ($1.04 billion) and the OPEC Fund for International Development ($1 billion).
This funding builds on previous commitments of up to $48 billion from the World Bank and AfDB, which could increase as the initiative progresses. Around half of the new electricity connections will be linked to national grids, while the rest will rely on renewable energy sources such as wind and solar mini-grids.
Mission 300 also aims to improve clean cooking solutions, reducing dependence on wood and charcoal. Tanzanian President Samia Suluhu Hassan highlighted that expanding electricity access will not only light up homes and businesses but also enhance environmental sustainability.