Africa’s electrification drive will get around $6 billion from the AIIB and IsDB

An effort to provide power to 300 million Africans within the next six years received up to $6.15 billion in cash committed Tuesday by the Asia Infrastructure Investment Bank and the Islamic Development Bank.

As part of the initiative, the Rockefeller Foundation says that Mission 300, which was introduced by the World Bank and the African Development Bank in April, is expected to cost $90 billion and be funded by private companies, philanthropies, development agencies, and multilateral development banks.

The IsDb chairman, Muhammad al Jasser, said in a statement during an African heads of state meeting in Tanzania that the bank with its headquarters in Jeddah was investing $2.65 billion in project finance and an additional $2 billion to guarantee power projects in Africa.

The AIIB, a Beijing-based organization, is expected to provide $1–1.5 billion.
AIIB President Jin Liqun stated, “It is unacceptable that 600 million people in Africa do not have access to electricity.”

According to summit officials, the extra cash adds on up to $48 billion in promises from the World Bank and the AfDB, and they anticipate further funding commitments to be made during the meeting.

According to World Bank President Ajay Banga, giving 300 million people access to electricity—half of those who do not currently have power on the continent—is an essential first step in accelerating Africa’s growth by generating new employment.

“Mission 300 is expected to increase the provision of clean cooking energy to homes, cutting reliance on wood and charcoal, which are harmful,” stated Tanzanian President Samia Suluhu Hassan, in addition to lighting up houses and businesses.