World Bank to allocate $5 billion for electricity in Africa
By Nambu Bernadette
The World Bank plans to allocate $ 5 billion to deliver reliable electricity to 100 million people in Africa by 2030.
This was announced by the president of the World Bank, Ajay Banga on Wednesday, December 6, 2023, in Zanzibar, Tanzania.
According to Jacaranda FM, the World Bank estimates that around 600 million people in Africa do not currently have access to reliable electricity, a key factor that is hampering job creation and economic development on the continent.
The World Bank’s president said; “With $5 billion from IDA, we are on a mission to deliver reliable, affordable, renewable electricity to 100 million Africans before 2030. Alongside the commitment from IDA, the World Bank is looking to bring in an additional $10 billion in private and public funding to aid the project,”.
“We must find a way to finance a different world, where climate is protected and poverty is defeated,” he is said to have added.
Nairametrics quoted the president to have explained; “But how can we hope to make even adequate progress while 600 million people in Africa, 36 million of whom live here in Tanzania, still don’t have access to reliable electricity? Put simply: We can’t,”.
