The World Bank will allocate $5 billion to the execution of a renewable energy plan across countries in Africa.
The project will deliver “reliable, affordable, renewable electricity” to up to 100 million Africans by the end of the decade” according to the president of the development lender, Ajay Banga.
The World Bank chief announced on Wednesday, saying that about 600 million people in Africa are without access to reliable electricity.
He explained that the absence of the power supply currently hampers economic development and job creation in the second most populous continent.
Ajay Banga said the World Bank must identify ways to connect more people to a greener energy grid, in a bid to achieve its objective to lessen poverty on a “livable planet”.
He affirmed that electricity “should be for everyone,” during a meeting of the International Development Association (IDA).
The IDA is the World Bank’s concessional lender to some of the poorest nations of the world such as Zanzibar and Tanzania.
“With $5 billion from IDA, we are on a mission to deliver reliable, affordable, renewable electricity to 100 million Africans before 2030,” Banga said.
He continued, saying that the World Bank hopes to get an additional $10 billion in public and private investment to support the project in addition to the IDA pledge.
The president clarified that the initiative will aim to modernise current systems, expand solar power, increase cross-border energy trading, and improve dependability.
“We must find a way to finance a different world, where climate is protected and poverty is defeated,” he said.
Peoplesmind
