World Bank Says $50 Billion Committed to Africa Power Plans

Article content(Bloomberg) — More than $50 billion has been committed to an ambitious plan to halve the number of people without access to electricity in Africa, according to the World Bank, its biggest backer.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe program, named Mission 300 because of its goal to bring electricity to 300 million people by 2030, has delivered power to 44 million people since it was officially announced at a conference in Dar es Salaam, Tanzania, in January last year. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThere “is a pipeline of tens of millions more by the end of 2026,” the World Bank said in a statement. Committed finance includes concessional loans from both its own resources and the African Development Bank, as well as money from other development finance institutions and the private sector, it said.Article contentArticle contentThe program is a drive to break one of sub-Saharan Africa’s biggest impediments to growth: Almost half of its population, or 570 million people, have no access to electricity. That limits education, curbs employment and cuts productivity in a region where 70% of the population are younger than 30.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentUnder the program, 30 African countries have put together so-called compacts, plans on what’s needed to bring electricity to their people and how to fund and achieve that aim.Article contentThe World Bank, with the Rockefeller Foundation, has helped some governments set up so-called Compact Delivery and Monitoring Units, including by financing the deployment of technical experts to advise on the programs.Article contentThe Rockefeller Foundation on Thursday announced that it will deploy a further $10 million to that program. Working with the Global Energy Alliance for People and Planet, to which it allocates funds, the money will be used to assist Liberia and Malawi. Earlier funding was used to assist Ivory Coast, Senegal and Nigeria. Article contentAssistance for Lesotho, Zambia, Chad, Togo and Ethiopia is expected to come at a later stage.Article contentThe Next Africa newsletter runs every weekday. Sign up here for the newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen.Article content(Updates with assistance for electrification programs in last four paragraphs)Article contentTrending Bank of Canada governor warns of growing risks to financial stability Economy Posthaste: This dormant pipeline needs to be restarted for the sake of Canada, economists say News Legal fight over propane terminal clouds Canada's energy export push Energy US Sinking of Iranian Warship Piles Pressure on India's Modi PMN Business Housing affordability improves yet again, though not for the right reasons Real Estate Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada governor warns of growing risks to financial stability Economy Posthaste: This dormant pipeline needs to be restarted for the sake of Canada, economists say News Legal fight over propane terminal clouds Canada's energy export push Energy US Sinking of Iranian Warship Piles Pressure on India's Modi PMN Business Housing affordability improves yet again, though not for the right reasons Real Estate