The “Mission 300” initiative, aimed at connecting 300 million Africans to electricity over the next six years, has secured over $8 billion in new pledges from financial institutions, including the Islamic Development Bank (IsDB) and the Asian Infrastructure Investment Bank (AIIB).
Launched by the World Bank and the African Development Bank (AfDB) in April, the Mission 300 project is projected to require $90 billion to achieve its goal. However, it faces significant challenges due to the financial constraints of many African nations, exacerbated by sluggish revenue growth and high debt service obligations.
Zambian President Hakainde Hichilema, speaking at an Africa energy summit in Tanzania, highlighted the financial difficulties, stating, “Our national balance sheets are insufficient… to achieve Mission 300’s objectives.”
The initiative’s funding will come from a variety of sources, including multilateral development banks, private businesses, and philanthropic organizations like the Rockefeller Foundation. IsDB Chairman Muhammad al Jasser announced that the Jeddah-based bank would contribute $2.65 billion in project financing, along with $2 billion in insurance for African power projects.
The Beijing-based AIIB is expected to provide between $1 billion and $1.5 billion in support. “Six hundred million people in Africa without access to electricity is intolerable,” said AIIB President Jin Liqun.
Additional contributors include the French Development Agency (AFD), which has pledged 1 billion euros ($1.04 billion), and the OPEC Fund for International Development, which has made an initial $1 billion commitment. The World Bank and AfDB have already committed up to $48 billion, with potential for further increases as the project progresses.
World Bank President Ajay Banga emphasized the importance of the project for Africa’s development, noting that providing electricity to 300 million people—half of those currently without power—would create new jobs and boost economic growth.
Half of the new connections will be made through existing national power grids, while the other half will rely on renewable energy solutions, including solar and wind mini-grids. The project also aims to improve access to clean cooking energy, reducing dependence on harmful fuels like wood and charcoal, a priority highlighted by Tanzania’s President Samia Suluhu Hassan.