Africa commits to electricity plan for 300 million people
The summit, held under the theme 'Powering Africa for Reliable, Affordable, Inclusive, Sustainable, and Clean Energy for All', brought together heads of state and key stakeholders to address the continent's persistent energy crisis.
The initiative, known as 'Mission 300', was launched in April by the World Bank and the African Development Bank (AfDB) as part of efforts to accelerate electrification.
Reading the declaration, AfDB Secretary-General Vincent Nmehielle emphasized the critical need for immediate action. To support the initiative, the AfDB has committed $18.2 billion, while the World Bank has pledged $22 billion. Other commitments include $2.65 billion from the Islamic Development Bank, $1.5 billion from the Asian Infrastructure Investment Bank, $1 billion from the OPEC Fund.
READ MORE:
Can Africa seize control of its own energy?
Several nations, including Nigeria, Senegal, Zambia, and Tanzania, have pledged to implement reforms in their electricity sectors, increase national electrification targets, and accelerate the integration of renewable energy sources.
World Bank President Ajay Banga made it clear that the organization's financial support would be conditional on countries implementing necessary regulatory and policy reforms.
'The World Bank will pay countries as part of our support only when they make the changes,'
he said.
According to projections by the World Bank and the AfDB, half of the new electricity connections will come from existing national grids, while the other half will rely on renewable energy solutions such as wind and solar mini-grids.
The UN Sustainable Development Group reported that approximately 600 million Africans – nearly half the continent's population – still lack reliable access to electricity, accounting for over 80% of the global electricity access gap. Nations such as Burundi and South Sudan continue to have some of the lowest electricity access rates, according to 2022 data.
READ MORE:
Apple faces 'blood minerals' probe
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
5 days ago
- Russia Today
Lavrov slams IMF and World Bank for favoring Ukraine over Africa
Russian Foreign Minister Sergey Lavrov has criticized the International Monetary Fund (IMF) and the World Bank for what he described as a deeply unbalanced distribution of financial aid, citing data that shows Ukraine has received more support in recent years than the entire African continent. Speaking at the 17th BRICS summit in Rio de Janeiro, Brazil, Lavrov argued that the current structure of global financial institutions, established under the Bretton Woods system, disproportionately benefits Western-aligned countries at the expense of other developing nations. 'This has been most clearly demonstrated in the case of Ukraine,' Lavrov said, noting that the scale of financial assistance provided to Kiev exceeds all IMF and World Bank funding for the nations of Africa combined over the past two years. He called the disparity a 'disgraceful statistic' that undermines the credibility of both institutions. According to Lavrov, the World Bank has committed $54 billion to Ukraine since early 2022, twice as much as the annual volumes allocated to all Africa countries by Bretton Woods institutions. He also cited the IMF's approval in 2023 of a $15.6 billion loan to Ukraine, equivalent to 577% of the country's quota. 'It makes up more than a third of the annual volume of all IMF programs,' Lavrov said. The Russian minister emphasized that BRICS countries had placed a special focus on reforming global financial governance during the summit. He reaffirmed the group's call for an accelerated redistribution of IMF quotas and voting rights to better reflect the economic weight of emerging markets. Lavrov also highlighted the shifting dynamics of the global economy, noting that countries of the Global South and East are becoming key drivers of growth. He underscored the growing influence of regional organizations such as the African Union and positioned BRICS as a leading force in shaping a new economic order. According to Lavrov, the group aims 'to build a more stable global economic architecture based on the principles of universality, transparency, non-discrimination, and equal access to available opportunities and instruments.' BRICS, which held its first summit in 2009, currently includes Brazil, Russia, India, China, South Africa, Egypt, the UAE, Ethiopia, Indonesia and Iran. In early 2025, Bolivia, Belarus, Bolivia, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, Uganda and Uzbekistan became partners of the bloc. In June, they were joined by Vietnam.
Russia Today
04-07-2025
- Russia Today
Indian diaspora remittances reach record high
The Indian diaspora sent a record $135.46 billion in remittances to the country in the 2024-25 fiscal year, the Economic Times newspaper reported, citing central bank data. Marking a 14% rise from the previous year, remittances, reflected as 'private transfers', accounted for over a tenth of gross current account inflows of $1 trillion, according to the report. 'India's remittance receipts have generally remained higher than India's gross inward foreign direct investment flows, thus establishing their importance as a stable source of external financing,' the newspaper cited a report by the staff of the Reserve Bank of India as saying. In the 2024-25 fiscal year, the largest source of remittances to the South Asian nation was the US, which accounted for 27.7% of the total, according to the Indian Express newspaper. Other major sources included the UAE (19.2%), UK (10.8%), and Saudi Arabia (6.7%). India was the top recipient country for remittances in the 2024 calendar year, according to the World Bank. The bank estimated the total value of remittances sent to the country at $129 billion. The South Asian nation was followed by Mexico ($68 billion), China ($48 billion), the Philippines ($40 billion), and Pakistan ($33 billion). 'The strong growth in remittances has persisted despite a weakness in crude oil prices,' Gaura Sengupta, chief economist at IDFC First Bank told the Economic Times. 'This is a result of a rising share of the skilled labor force migrating to developed markets such as the US, UK and Singapore.' However, potential economic slowdowns in advanced economies as well as new policies in countries such as the US could pose a threat to remittances to the South Asian nation and other countries throughout the Global South. On Tuesday, the US Senate passed President Donald Trump's 'One Big Beautiful Bill Act,' which introduces a new tax on overseas money transfers by non-citizens. Under this legislation, all remittances made through cash, money orders, or cashier's cheques face a 1% remittance tax.
Russia Today
26-05-2025
- Russia Today
Africa's chains have changed but slavery remains – Lumumba's son
Western colonialism in Africa never ended – it simply changed its form, Roland Lumumba has told RT. In an exclusive interview ahead of International Africa Day, the son of the Congolese independence hero and first prime minister, Patrice Lumumba, said that while flags and borders may have changed, Africa remains under Western domination through debt, economic exploitation, and corrupt leadership that serves foreign masters over the people. Lumumba believes that Africa's struggle for independence is far from over. 'The colonial rulers are gone, but their strategy of division remains,' he said, adding that the neocolonialists of today are not concerned with Africa's needs, but are 'attracted by Africa's riches.' 'They left through the front door, only to slip back in through the windows of economic exploitation and political interference.' He pointed to the Western-backed conflicts that still rage in resource-rich regions like the Congo, where foreign interests profit from chaos. 'Today, they don't need armies. They use debt, sanctions, and banks. The IMF, the World Bank – these are the tools of modern colonialism,' he said. 'Our resources are taken, and in return, we get loans on impossible terms. The more we pay, the greater the debt. The yoke of colonialism has never been lifted; it has only been repainted.' Lumumba placed some of the blame on the African elites who 'remain fascinated by the West for their own gain' and 'sell Africa for a penny just to send their children to Harvard.' He argued that true independence can only come through good governance, regional unity, and cooperation with nations that respect African sovereignty. 'Africa must be led by its own sons and daughters – not by puppets of foreign powers,' he said. 'We need leaders who protect, not sell. Who build, not steal.' Lumumba hailed cooperation with Russia and the BRICS group of countries as a chance to escape Western control. 'The BRICS represents an opportunity. It's not a military bloc. It's a space where Africa has a voice, where we are respected as equal partners,' he said, adding that BRICS countries view Africa 'not as a place of plunder, but as a partner for progress.' Lumumba advised Africa to 'unite with those who come to build with us, not oppress us,' to achieve true independence.
