Rédaction Africa Links 24 with Burundi Times
Published on 2024-04-18 12:45:59
The World Bank Group and the African Development Bank Group have joined forces in a groundbreaking initiative to provide electricity access to at least 300 million people in Africa by 2030. This partnership aims to connect 250 million people through distributed renewable energy systems or the distribution grid, while the African Development Bank Group will assist in reaching an additional 50 million people.
Access to electricity is essential for human development and is crucial in overcoming barriers to healthcare, education, productivity, digital inclusivity, and job creation. Currently, 600 million people in Africa lack access to electricity, highlighting the urgent need for action in this area.
World Bank Group President Ajay Banga emphasized the importance of electricity access for economic growth and job creation, emphasizing the need for partnership, ambition, policy action from governments, financing from multilateral development banks, and private sector investment to achieve this goal.
The partnership between the World Bank Group and the African Development Bank Group is a clear demonstration of their commitment to addressing the pressing challenge of electricity access in Africa. This initiative aligns with the World Bank Group’s efforts to become more impact-oriented and build a better bank, supported by regional energy programs focused on achieving this common goal.
To connect 250 million people to electricity, an estimated $30 billion of public sector investment will be required, with the International Development Association (IDA) playing a critical role in supporting low-income countries. Governments will also need to implement policies to attract private investment and reform utilities to ensure financial stability and efficiency.
The initiative is expected to unlock private sector investment opportunities in distributed renewable energy worth $9 billion in Africa, with further opportunities in grid-connected renewable energy to drive economic growth. This initiative holds the potential to not only improve electricity access for millions of people but also stimulate economic growth and create new job opportunities in the region.
Overall, the partnership between the World Bank Group and the African Development Bank Group represents a significant step towards achieving universal electricity access in Africa by 2030. By working together with governments, private sector stakeholders, and multilateral development banks, this initiative has the potential to transform the lives of millions of people and drive sustainable development across the continent.
Read the original article on Burundi Times
