The World Bank and African Development Bank (AfDB) have unveiled the 'Mission 300' program to deliver $40 billion in power financing to African nations. The program aims to connect half of Africa's population to grid-linked power projects and the other half through off-grid technologies like solar mini-grids.
The World Bank and African Development Bank have announced terms for African countries to secure $40 billion in power finance under the ‘Mission 300’ programmeThe publication said the goal of the programme is to connect half of the continent’s population through national grid-linked power projects, and the remainder via off-grid technologies such as solar mini-grids.
Speaking on the investment, Wale Shonibare, director of energy and financial solutions at AfDB, said committing $5 billion to the project will collaborate with other institutions to establish guarantees and financial mechanisms to mitigate risks for private investors. “If you’re going to reform African energy sectors, you have to make deep and sometimes politically difficult reforms.”
Energy AFRICA ENERGY POWER FINANCE MISSION 300 RENEWABLE ENERGY
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