Dar es Salaam. Leaders and global financial institutions have pledged more than $50 billion to accelerate Africa’s electrification, aiming to achieve universal energy access by 2030.
The commitments were made on the final day of the Mission 300 Africa Energy Summit on Tuesday, January 28, where the leaders under underscored the critical role of concessional financing and long-term investments in achieving the ambitious target.
Giving a keynote speech at the meeting African Development Bank (AfDB) President, Dr Akinwumi Adesina, said the Mission 300 project would surely need private sector investments, but concessional, long-term financing was also critical to achieve the ambitious target.
“We are also going to need private, public investments. In the meeting, we have heard the importance of concessional, low-interest, long-term financing, which is crucial to funding the Powering Africa project,” he said.
The summit saw substantial financial commitments from key global players.
The AfDB has set a target of raising $25 billion through its 17th replenishment to finance infrastructure projects, including electricity access, in 35 low-income countries.
Similarly, World Bank President, Ajay Banga, pledged between $30 billion and $40 billion from its IDA27 replenishment over the next five to six years.
Through IDA21 replenishment the World Bank secured $100 billion—the largest in its history—to support the world’s poorest nations.
French President Emmanuel Macron, who participated virtually, reiterated France’s commitment to the initiative.
He noted that the 12 energy compacts unveiled at the summit demonstrated strong political will.
“France is supporting the mobilisation of 10 billion euros by 2030 through AFD. This aligns with the commitment we made last April in Tanzania. We will mobilise an additional 100 million euros, and France will invest 1 billion euros,” he stated.
Additional major pledges announced at the summit included $2.65 billion from the Islamic Development Bank, $1.5 billion from the Asian Infrastructure Investment Bank, and $1 billion from the OPEC Fund for International Development.
“These commitments reflect the collective determination of our partners to ensure that Africa achieves universal energy access,” said Dr Adesina.
“With the right investments, we can transform the lives of millions, delivering both power and promise.”
In her closing remarks, Tanzanian President Samia Suluhu Hassan called on African leaders to turn pledges into action.
She emphasised that the real work must now begin to implement the energy projects and fulfil commitments made at the summit.
“As we conclude the summit, the real work commences on the ground,” she said.
The summit marked a significant step towards bridging Africa’s energy gap, with global partners demonstrating an unprecedented level of financial and political commitment to the continent’s electrification drive.
