• 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

World Bank’s Banga Seeks $85 Billion to Leverage Africa’s Youth

8 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
49
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

President Mahama Touts Ghana’s Economic Rebound at General Assembly

President Mahama Calls for UN Security Council Reform, Reset of Global Financial System at 80th UNGA

New AfDB Review Highlights Inland Fisheries as Lifeline for Millions of Africans

World Bank’s Banga Seeks $85 Billion to Leverage Africa’s Youth

World Bank President Ajay Banga said boosting access to electricity is the key to unlocking the demographic dividend in the world’s youngest continent.

Banga laid out a plan in which the World Bank, International Monetary Fund, African Development Bank and private investors may spend about $85 billion to bring power to 300 million people by 2030.

The World Bank is driving a program dubbed Mission 300 that’s seeking 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.

“Everyone talks about that as a demographic dividend, which it will be if you give them clean air, clean water, health, education and eventually a job,” Banga said in an an interview at the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania’s commercial capital, on Monday.

If not “you’ll have young people coming out the pipe in 10, 12, 15 years who will have no hope, no optimism, who will be socially challenged” and may migrate, he said.

Under the program, the World Bank, the AfDB and other partners plan to give African countries grants and concessional finance. In return, they expect recipient governments to change regulations and create a conducive environment for private investment.

“It’s a pay for results kind of thing,” he said. “We can say you’ve committed to these things, you make the change, here’s the support. You don’t make the change, the money’s not coming.”

The scale of what’s needed was laid out in a dozen presentations at the summit by countries including Nigeria and the Democratic Republic of Congo, sub-Saharan Africa’s most populous and third-most populous nations.

To boost electricity access through grid expansions, off-grid technology such as mini-grids and solar home systems, more than $115 billion would be needed, the presentations showed. An additional 10 to 12 countries are expected to come up with their own plans within about six months.

On Tuesday, the presidents of more than 20 African nations are due to sign up for the program. Rémy Rioux, the head of French development bank Agence Française de Développement, said in an interview that President Emmanuel Macron will announce a contribution toward the African electrification drive.

Banga envisages the World Bank’s International Development Association providing $30 billion to $40 billion for the program and the IMF an added $10 billion to $20 billion. The AfDB may spend $8 billion to $10 billion, and an additional $10 to $15 billion is expected to come from private sources, he said, adding that a precise estimate for the total costs is difficult.

The amount is significantly higher than the $40 billion previously mentioned by World Bank staff, which would have included $25 billion from the bank.

A fund housed in the World’s Bank’s International Finance Corp. will invest in companies boosting electricity access with the hope of catalyzing more investment.

Banga said he doesn’t see the program being threatened by changes imposed by the Trump administration, including the temporary freezing of foreign aid programs and a more inward-looking policy. The US is the biggest shareholder in the bank.

“I hope not,” he said, when asked if support for the program might ebb under the US’s new leadership. “It reduces illegal migration. If it keeps people happy in their countries, it creates marketplaces for your products and your intellectual property and your technology.”

Source: bloomberg
Via: NorvanReports
Tags: World BankWorld Bank's Banga Seeks $85 Billion to Leverage Africa's Youth

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

This Gamechanger Could Charge up Africa’s EV Ownership

Bank of Ghana Prices 1oz Gold Coin at GHS 47,960

President Mahama Rings Nasdaq Bell to Court Global Investors

African Countries That Survive on Diaspora Remittances More Than Export Earnings

Ghana Boxing Authority Promises Enhanced Medical Care for Boxers Following Bahubali’s Tragic Death

Premier League: Hearts of Oak eye Second Straight win as Eleven Wonders Visit Accra on Friday

Trending

Business

President Mahama Touts Ghana’s Economic Rebound at General Assembly

September 25, 2025

President Mahama Touts Ghana's Economic Rebound at General Assembly President John Dramani Mahama has claimed early success...

President Mahama Calls for UN Security Council Reform, Reset of Global Financial System at 80th UNGA

September 25, 2025

New AfDB Review Highlights Inland Fisheries as Lifeline for Millions of Africans

September 25, 2025

This Gamechanger Could Charge up Africa’s EV Ownership

September 25, 2025

Bank of Ghana Prices 1oz Gold Coin at GHS 47,960

September 25, 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.