
A groundbreaking initiative aiming to connect 300 million Africans to electricity has secured over $8 billion in new pledges from major financial institutions. The Islamic Development Bank (IsDB) and the Asian Infrastructure Investment Bank (AIIB) are among the key lenders.
Launched by the World Bank and African Development Bank (AfDB) in April, the Mission 300 project seeks to electrify millions across Africa. The effort is part of a broader $90 billion goal to address the severe power deficit affecting the continent.
Zambian President Hakainde Hichilema emphasized the financial challenges hindering progress, stating that his country’s national balance sheets are insufficient for the mission’s success. “Our national balance sheets are insufficient… to achieve Mission 300’s objectives,” he told delegates at the Africa Energy Summit in Tanzania.
The initiative has garnered significant support from a variety of sources. IsDB’s Muhammad al Jasser confirmed the bank’s commitment of $2.65 billion in financing, along with $2 billion for power project insurance. AIIB has pledged between $1 billion and $1.5 billion to the cause.
Other key contributors include the French Development Agency, which has promised €1 billion ($1.04 billion), and the OPEC Fund for International Development, with an initial pledge of $1 billion.