Africa secures $1.4bn boost for electricity access initiative

Africa's ambitious goal to connect 300 million people to electricity by 2030 has received a significant financial boost, with international development partners committing around $1.4 billion in co-financing. This funding underscores growing global confidence in the continent's largest-ever energy access program, known as Mission 300.

The financing mobilization, detailed in the Mission 300 Progress Report, highlights intensified efforts by the World Bank and the African Development Bank to accelerate electricity connections. These efforts involve fresh investments, promoting regional power integration, and implementing reforms designed to attract private sector capital. The European Investment Bank leads the co-financing contributions with $347 million, followed by the African Development Bank ($161 million) and the Green Climate Fund ($129 million).

Other key contributors include the Government of Italy ($117 million), the Asian Infrastructure Investment Bank ($100 million), and various Trust Funds ($84 million). Since its launch in 2024, Mission 300 has already achieved a notable milestone, providing electricity access to over 50 million people. The initiative is considered the most coordinated effort to date to combat energy poverty on a continent where nearly 80% of the world's 570 million people lacking electricity reside.