Africa to receive $5bn renewable energy plan from World Bank

The president of the development bank said on Wednesday that the World Bank will provide $5 billion to provide 100 million Africans with “reliable, affordable, renewable electricity” by the end of the decade.

Africans lack access to consistent power, which is estimated by the World Bank to be 600 million people. This is a major obstacle to the continent’s ability to create jobs and grow its economy.

The World Bank needs to figure out how to get more people connected to a more environmentally friendly electricity infrastructure if it is to accomplish its new goal of reducing poverty on a “livable planet,” according to Ajay Banga.

At an International Development Association (IDA) gathering in Zanzibar, Tanzania, on Wednesday, he stated that electricity “should be for everyone.” The IDA is the bank’s concessional lender to some of the world’s poorest nations.

He stated, “With the help of $5 billion from IDA, we are working to provide 100 million Africans with access to affordable, sustainable energy by 2030.”

The World Bank hopes to get an additional $10 billion in public and private finance to support the initiative in addition to the commitment from IDA, he continued.

According to him, the strategy will seek to expand solar power, update current grids, increase dependability, and promote cross-border energy trading.

In order to combat poverty and protect the environment, he declared, “we must find a way to finance a different world.”

AFP