The World Bank and African Development Bank have outlined conditions for African countries to secure $40 billion in financing to address the continent’s electricity crisis.
The “Mission 300” program aims to bring electricity to 300 million Africans by 2030, with $30 billion from the banks and an additional $10 billion from private institutions.
To qualify, countries must implement regulations that attract private investment, prioritize low-cost renewable energy, and ensure competitive tenders for power generation projects.
They must also commit to sustainable pricing for utilities and develop plans for universal access to electricity. The initiative targets connecting half of the population to national grids and the rest via off-grid solutions like solar mini-grids.