Dar es Salaam. The World Bank (WB) and the African Development Bank (AfDB) have committed $40.2 billion to enhance electricity distribution across Africa.
Of the amount, the WB pledged $22 billion to the initiative, while AfDB committed $18.2 billion.
The commitment was made here in the city during the Mission 300 African Energy Summit on Tuesday, January 28, 2025.
Tanzania makes a total number of the African nations which have joined the National Energy Compact initiatives to 12.
The AfDB President, Dr Akinwumi Adesina, said, “these commitments reflect the collective determination of our partners to ensure that Africa achieves universal energy access,” Dr Adesina stated.
“With the right investments, we can transform the lives of millions, delivering both power and promise.”
The WB Group President, Mr Ajay Banga, underscored the urgent need to tackle Africa’s youth unemployment crisis.
He noted that 360 million young people will enter the continent’s labor force over the next decade, but current systems can only accommodate 150 million, leaving three out of five without job opportunities.
“Our mission is to electrify 300 million Africans in the next five years. This is the cornerstone of the jobs agenda,” Mr Banga emphasized.
“To succeed, we must embrace one fundamental truth: no one can do it alone. Collaboration between governments, businesses, and development partners is non-negotiable.”
The two-day summit, whose climax was on Tuesday, gathered leaders from various African nations, including Burundi, Botswana, Zambia, Congo, Comoros, Djibouti, Ethiopia, Gabon, Ghana, Guinea Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mauritania, Nigeria, Sierra Leone, and Somalia, along with representatives from international financial institutions and the private sector.
