KEY POINTS
- Mission 300 aims to connect 300 million Africans to electricity by 2030.
- IsDB and AIIB have pledged $6.15 billion toward the initiative.
- Funding will support clean energy, economic growth, and job creation.
The Islamic Development Bank (IsDB) and the Asia Infrastructure Investment Bank (AIIB) have pledged up to $6.15 billion to help expand electricity access across Africa.
The initiative, called Mission 300, aims to provide 300 million people with electricity by 2030.
Mission 300, launched in April by the World Bank and the African Development Bank (AfDB), is expected to cost around $90 billion, with contributions from multilateral banks, private investors, and development agencies.
IsDB Chairman Muhammad al Jasser announced the bank’s commitment of $2.65 billion in project financing, along with $2 billion in power project insurance.
Meanwhile, AIIB plans to contribute between $1 billion and $1.5 billion to support energy expansion in Africa.
Funding will boost clean energy and economic growth
The additional investment builds on $48 billion already pledged by the World Bank and AfDB, with more commitments expected during the ongoing Africa Energy Summit in Dar es Salaam, Tanzania.
World Bank President Ajay Banga emphasized that providing reliable electricity is crucial for Africa’s economic growth.
According to Reuters, he stated that connecting 300 million people to power will create new jobs, strengthen industries, and improve education and healthcare services.
Tanzania’s President Samia Suluhu Hassan highlighted that Mission 300 will also promote clean cooking energy, reducing reliance on charcoal and firewood, which contribute to deforestation and air pollution.
More support expected as project progresses
Summit officials expect more financial commitments in the coming months to help bridge Africa’s energy gap.
Currently, 600 million people on the continent lack access to electricity, a situation AIIB President Jin Liqun called “intolerable.”
Mission 300 represents a significant step toward solving Africa’s energy crisis.
With public and private sector collaboration, the project could transform the continent’s energy landscape, paving the way for sustainable development and economic progress.
