Emmanuel Ochayi
Addressing an assembly in Zanzibar, Tanzania, Ajay Banga, the president of the World Bank outlined an ambitious initiative to empower 100 Million Africans through the availability of electricity across Africa by 2030.
During the mid-term review of the International Development Association’s (IDA) $93 billion replenishment package, Banga emphasized the role of increased financial aid from shareholders, donor nations, and philanthropies.
Join our WhatsApp Channel“The truth is we are pushing the limits of this important concessional resource, and no amount of creative financial engineering will compensate for the fact that we need more,” stated Banga, underscoring the urgency of broader contributions.
Banga highlighted the necessity for a revamped evaluation strategy focusing on improved outcomes rather than mere project numbers or disbursed funds.
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He emphasized replicable models, citing an IDA-supported mini-grid initiative in Nigeria delivering electricity to rural areas as a prime example.
“However, this is just a start. I envision hundreds of thousands, even millions more,” Banga stressed, noting the IDA’s commitment of $5 billion to provide affordable renewable electricity to 100 million Africans within the next decade.
Concerns regarding the number of people in Africa, including 36 million in Tanzania, lacking access to reliable electricity were reiterated by Banga, asserting, “Put simply: We can’t hope to make even adequate progress without addressing this issue.”
The ongoing 20th IDA funding round, slated for completion on June 30, 2025, prompted Banga to advocate for expanded support during the Zanzibar conference.
He launched a campaign for the subsequent funding round, urging it to surpass the current $93 billion threshold.
“The truth is we are pushing the limits of this important concessional resource, and no amount of creative financial engineering will compensate for the fact that we need more funding. This must drive each of us to make the next replenishment of IDA the largest of all time,” Banga affirmed in Zanzibar.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
