(3 Minutes Read)
The World Bank Group plans to connect 300 million Africans to electricity in partnership with the African Development Bank. This will halve the number of people living without access to power on the continent by 2030
The World Bank Group plans to connect 300 million Africans to electricity in partnership with the African Development Bank. This will halve the number of people living without access to power on the continent by 2030.
The World Bank will work to connect 250 million people to electricity while the African Development Bank Group will support an additional 50 million people, the World Bank said. The plan will cost as much as USD 35 billion, some of which will come from the International Development Association, the World Bank’s concessional arm for low-income countries. These details were stated by Ajay Banga, the World Bank President at the Fund-Bank summit taking place in Washington.
Read Also:
https://trendsnafrica.com/world-bank-aid-to-zambia-to-boost-energy-sector/
https://trendsnafrica.com/afdb-loan-for-africas-electrification-through-renewable-energy/
Echoing the same views, AfDB President Akinwumi Adesina said that no economy can industrialize in the dark, and no economy can be competitive in the dark. Banga further added that a large part of the commitments to replenish IDA this year will go toward energizing Africa. The private sector must also be involved in the plan, he said. The World Bank will also provide greater guarantees to boost private sector involvement in the plan, he said.
Despite the challenging economic backdrop, high-interest rate environments, and elevated cost pressures associated with load shedding, the domestic property sector delivered a resilient performance in 2023, according to data from the annual MSCI South Africa Property Index.
