• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

A $90 Billion World Bank Plan to Electrify Africa Gets Underway

11 months ago
in Business, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

A $90 Billion World Bank Plan to Electrify Africa Gets Underway

A plan to bring electricity to 300 million Africans by 2030, backed by an initial pledge of $30 billion from the World Bank and the African Development Bank, has begun to be implemented with an assessment of the first potential beneficiaries.

Some of the world’s most prominent climate organizations — the Rockefeller Foundation, Global Alliance for People and Planet and Sustainable Energy For All — on Friday announced the formation of a technical assistance facility to examine projects and help secure funding for those that qualify for the program known as Mission 300. The aim is to ultimately raise $90 billion or more from a range of sources.

“Every project starts with a single payment,” Rajiv Shah, president of the Rockefeller Foundation, said in a response to questions. “The technical assistance facility is designed to help the World Bank and African Development Bank jump start their ambitious electrification plans throughout sub-Saharan Africa.”

The plan, if successful, would bring power to half of the 600 million Africans who don’t have access to electricity. The continent accounts for about three quarters of those without power globally with South Sudan, Burundi and Chad having electrification rates of less than 12% of their populations. That limits productivity and hampers economic growth in some of the poorest nations on earth.

“We’ve seen, frankly, stagnation” in getting electricity to more Africans over the last 15 years, Ashvin Dayal, who heads the Rockefeller Foundation’s power and climate program, told Bloomberg TV’s Jennifer Zabasajja. “This is for us the defining climate and development challenge for the continent over the next 20 years.”

The Rockefeller Foundation and GEAPP, which it founded together with the Bezos Earth Fund and the Ikea Foundation in 2021, is using an initial $10 million to help 15 projects across 11 African countries, ranging from Burkina Faso to Mozambique, get off the ground, the groups said in a statement. The program will focus on clean-energy provision through technologies such as mini-grids.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

An example of the sort of project that Mission 300 could pursue is the DARES project in Nigeria where the World Bank allocated $750 million to expand the deployment of rooftop solar and mini-grids to bring electricity to 17.5 million people in a nation where about 85 million have no access to power, Dayal said.

In April, the World Bank said it would commit $25 billion to the program while the AfDB pledged $5 billion. Further commitments are expected at a World Bank International Development Association pledging and replenishment meeting in South Korea in December. A summit on the initiative will be held in Dar es Salaam, Tanzania, in January.

The aim is to split the $90 billion needed in funding equally between public funds, concessional and philanthropic finance and commercial commitments, according to Shah. Possible sources include the International Monetary Fund’s Resilience and Sustainability Trust and re-channeled special drawing rights, which are reserve assets issued by the IMF to its members.

“We need to make sure that we create bankable projects that deliver impact and commercially sound returns,” Woochong Um, GEAPP’s chief executive officer, said in an interview. “We will launch a massive fund-raising and advocacy effort to elevate action and mobilize the resources required.”

Under the program, countries will be encouraged to boost their access to funding by committing to reforms that encourage the roll out of green energy.

Expanding electricity access to Africa “will require a broad coalition that must keep growing,” Ajay Banga, president of the World Bank, said in the statement.

Source: bloomberg
Via: norvanreports
Tags: $90 Billion World Bank PlanA $90 Billion World Bank Plan to Electrify Africa Gets Underwayelectricity

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.