THE Islamic Development Bank (IsDB) and the Asia Infrastructure Investment Bank (AIIB) have pledged up to $6.15bn in funding for Mission 300, a major initiative aimed at providing electricity to 300 million people across Africa by 2030. The announcement was made on Tuesday during a summit of African heads of state held in Tanzania. This financing is a crucial step in the larger $90 billion project that seeks to improve energy access on the continent.
According to Reuters, Muhammad al Jasser, chairman of the IsDB, confirmed that the Jeddah-based bank will commit $2.65bn in direct financing for the project, along with an additional $2bn to insure power projects across Africa. This funding builds on earlier commitments made by the World Bank and African Development Bank (AfDB), which have together pledged up to $48bn for the initiative.
AIIB joins the push for electricity access
The AIIB, based in Beijing, will contribute between $1bn and $1.5bn to the project, aiming to bridge the electricity access gap on the continent. AIIB President Jin Liqun highlighted the urgency of the initiative, stating, ‘Six hundred million people in Africa without access to electricity is intolerable.’
The Mission 300 initiative, launched by the World Bank and the AfDB in April 2024, is designed to address Africa’s severe energy deficit, with projections showing that half of the population currently without electricity will benefit from the program. The provision of energy is expected to drive economic development, boost employment, and provide reliable energy sources for homes and businesses across the continent.
Boosting clean energy and reducing harmful practices
Tanzania’s President Samia Suluhu Hassan also noted the broader goals of Mission 300, including improving access to clean cooking energy. ‘In addition to lighting up homes and businesses, this initiative will reduce reliance on wood and charcoal, which are harmful to both the environment and health,’ President Suluhu said.
The project aims not only to bring power to underserved communities but also to reduce the environmental impact of traditional energy sources. By providing more sustainable energy options, Mission 300 will contribute to cleaner air and better living conditions for millions of people.
Collaboration and funding for African development
Mission 300’s $90bn budget is set to be funded through contributions from multilateral development banks, private businesses, and philanthropic organisations. According to the Rockefeller Foundation, which is part of the initiative, the project will be a key component of Africa’s long-term development strategy. The commitment from IsDB and AIIB is a significant boost, as more funding pledges are expected throughout the summit.
World Bank President Ajay Banga emphasised the importance of the initiative, stating that connecting 300 million people to electricity is essential for Africa’s economic growth. He added that Mission 300 would play a pivotal role in creating jobs and improving the quality of life for millions of Africans.
