World Bank Announces $5 Billion Investment for Renewable Energy in Africa

The World Bank has committed $5 billion to enhance access to “reliable, affordable, renewable electricity” for 100 million Africans by 2030. This announcement was made by the president of the development lender, marking a significant push towards addressing energy needs on the continent.

According to the Africa News Agency, approximately 600 million people in Africa currently lack access to reliable electricity, which is a crucial barrier to job creation and economic development. “With $5 billion from IDA, we are on a mission to deliver reliable, affordable, renewable electricity to 100 million Africans before 2030,” the president stated.

In addition to the funds from the International Development Association (IDA), the World Bank aims to mobilize an extra $10 billion in both private and public funding to support this ambitious project.