GLOBAL financial institutions and development partners have pledged over $70bn to advance Africa’s electrification under the ‘Mission 300’ initiative, intended to provide electricity access to 300 million people across the continent by 2030.

Dr Akinwumi Adesina, president of the African Development Bank (AfDB), said at the opening session of the African Heads of State energy summit in Dar es Salaam yesterday, that AfDB and the World Bank Group have committed a combined $40bno for the purpose.

The AfDB will contribute $18.2bn and the World Bank Group is pledging $22bn, he said, while the Islamic Development Bank announced $2.65bn in funding.

The Asian Infrastructure Investment Bank has pledged $1.5bn, the OPEC Fund (of the Organisation of Petroleum Exporting Countries) adding $1bn and the Rockefeller Foundation pitching with $20m in technical assistance, he said.

The French government is also expected to unveil its contribution, signalling further global support for Africa's energy transformation, the bank president intoned.

He emphasized the need for collective and urgent action to achieve the complete electrification goal, expressing confidence that development partners will step forward and pledge commitments within the conference and in the days to come.

“Together, we have the opportunity to reduce emissions and deliver power to millions,” he declared.

Ajay Banga, president of the World Bank Group, said the bank’s pledge to ‘Mission 300’ may range between $30bn and $40bn, reaffirming its role as a key partner in transforming the continent’s energy sector.

“This is a pay-for-results effort. Our plans are designed to create environments where investments generate returns while driving meaningful impact,” he specified.

The Mission 300 initiative emphasizes collaboration across sectors, aligning capital and public priorities to achieve results that no single entity could accomplish alone, he stated.

Philanthropies, such as the Rockefeller Foundation led by Dr Raj Shah and development banks also play a vital role in transitioning conceptual plans into professionally financed projects, he affirmed.

Highlighting the critical financial backbone supporting the mission, he acknowledged the global community's record $100bn replenishment for the International Development Association (IDA) last year.

“A major portion of IDA’s funding is going into this effort to help Africa empower its people with reliable and sustainable electricity,” he added.