The World Bank Group and the African Development Bank (AfDB) have pledged to provide energy access to 250 million people in Africa by 2030.
This commitment was made during the ‘Energising Africa’ event held at the ongoing Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC, USA.
AfDB President, Dr. Akinwunmi Adesina, emphasized the critical role of electricity supply in Africa’s industrialization. He stated that no economy can industrialize in darkness and that Africa is where the global energy battle will be won or lost.
Adesina highlighted that lack of power in Africa, which many have taken as normal, is actually an aberration that must be addressed. He emphasized the need to deploy every resource to change this narrative.
READ ALSO: Africa50 fund: AfDB approves $20m equity investment to boost infrastructure
World Bank President Ajay Banga expressed concern over the fact that over 600 million people in Africa have no access to any form of power, calling it an unacceptable situation. He stressed that power is essential for access to good health, education, manufacturing, agriculture, and overall improvement in quality of life. Banga shared his personal experience growing up in India, where he witnessed firsthand the impact of access to power on people’s lives.
READ ALSO: AfDB Intensifies Dedication To Climate Finance
Both presidents underscored the importance of energy access in driving economic growth, job creation, and poverty alleviation in Africa. They agreed on the critical need to solve Africa’s energy challenge as a means to unlock the continent’s potential and improve the lives of its people.
The commitment of the World Bank Group and AfDB to providing energy access to 250 million Africans by 2030 reflects a significant step towards addressing energy poverty in Africa and accelerating the continent’s development.
