World Bank Unveils Multi-Billion Dollar Initiative to Electrify Africa
Jan 28, 2025

World Bank Unveils Multi-Billion Dollar Initiative to Electrify Africa

In a bold move to address one of sub-Saharan Africa's most pressing challenges, World Bank President Ajay Banga has announced an ambitious plan to enhance electricity access across the continent. According to Bloomberg, the initiative, termed Mission 300, could see around $85 billion invested to provide power to 300 million people by 2030.

The endeavor is backed by a partnership among the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB), and other private investors. Currently, close to 570 million people in sub-Saharan Africa lack access to electricity, severely impacting education, employment, and productivity. Banga emphasized the importance of addressing these issues to harness the so-called 'demographic dividend' in a region where over 70% of the population is under 30.

At the Mission 300 Africa Energy Summit in Tanzania, Banga highlighted the need for clean air, water, and energy to avert hopelessness and potential migration among Africa's youth. The initiative involves providing grants and concessional finance to African nations, contingent on reforms that promote private investment.

As Banga noted, "It's a pay-for-results kind of thing. We can say you've committed to these things, you make the change, here's the support. You don't make the change, the money's not coming." The summit also revealed that to effectively boost electricity access through technological and infrastructural advancements, more than $115 billion will be necessary.

A significant step forward is anticipated, with over 20 African presidents expected to endorse the program. French President Emmanuel Macron is reportedly poised to announce a contribution to this endeavor, as per comments from Remy Rioux, head of the French development bank, Agence Francaise de Developpement.

The fiscal contributions from various stakeholders include $30 billion to $40 billion from the World Bank's International Development Association, $10 billion to $20 billion from the IMF, and $8 billion to $10 billion from the AfDB, along with $10 billion to $15 billion anticipated from private investments.

In contrast to earlier estimates projecting a $40 billion budget, the new plan considerably raises the stakes, signaling a robust international commitment to Africa's electrification. Despite potential political uncertainties, including shifts in U.S. policies, Banga expressed optimism that the initiative will maintain its momentum, stressing its potential to curtail illegal migration and foster local markets.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

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    1. REPORT DESCRIPTION
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    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
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  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030
  4. 4. MOST PROMISING PRODUCT

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    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
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  5. 5. MOST PROMISING SUPPLYING COUNTRIES

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    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
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  7. 7. GLOBAL PRODUCTION

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    1. PRODUCTION VOLUME AND VALUE
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  8. 8. GLOBAL IMPORTS

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    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
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  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2024
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  10. 10. PROFILES OF MAJOR PRODUCERS

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  11. 11. COUNTRY PROFILES

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    • United States
    • China
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    • India
    • Canada
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    • Republic of Korea
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    • Algeria
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  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption, By Country, 2018–2024
    5. Production, In Physical Terms, By Country, 2012–2024
    6. Imports, In Physical Terms, By Country, 2012–2024
    7. Imports, In Value Terms, By Country, 2012–2024
    8. Import Prices, By Country Of Destination, 2012–2024
    9. Exports, In Physical Terms, By Country, 2012–2024
    10. Exports, In Value Terms, By Country, 2012–2024
    11. Export Prices, By Country Of Origin, 2012–2024
  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Consumption, By Country, 2024
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
    18. Production, In Value Terms, 2012–2024
    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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