Africa’s ambitious plan to connect 300 million people to electricity by 2030 has secured about $1.4bn in co-financing from international development partners, underlining growing global confidence in the continent’s biggest-ever energy access programme. An analysis of the Mission 300 Progress Report obtained by our correspondent on Friday showed that external financiers have committed $1.4bn to support projects under the initiative since its launch in 2024.
The financing mobilisation comes as the World Bank and the African Development Bank intensify efforts to accelerate electricity connections across the continent through fresh investments, regional power integration, and reforms aimed at attracting private capital.
The report showed that the European Investment Bank emerged as the largest co-financier of the programme, contributing $347m, representing nearly a quarter of the total external funding mobilised so far. The African Development Bank followed with $161m, while the Green Climate Fund committed $129m.
Other major contributors include the Government of Italy, which provided $117m, and the Asian Infrastructure Investment Bank, which committed $100m. The analysis further revealed that Trust Funds contributed $84m, the French Agency for Development committed $82m, while the Energy Sector Management Assistance Program provided $77m.
The OPEC Fund and the European Commission rounded off the top financiers with contributions of $60m and $54m, respectively. The report noted that the figures represent co-financing of World Bank Group operations only and do not include the African Development Bank’s direct financing commitments under Mission 300.
Mission 300, launched by the World Bank and the African Development Bank in 2024, seeks to provide electricity access to 300 million Africans by the end of the decade. The initiative is regarded as the largest coordinated effort yet to tackle energy poverty on a continent that accounts for almost 80 per cent of the estimated 570 million people globally without access to electricity.
Data contained in the report showed that financing commitments across the broader energy portfolio have also risen significantly since the programme’s launch. In the 2024 fiscal year, total financing commitments reached $4.6bn, comprising $2.8bn for energy access programmes, $1.8bn for other energy projects, and about $200m in co-financing.
In fiscal year 2025, total commitments stood at $4bn, including $1bn for energy access, $2.4bn for the broader energy portfolio, and $600m in co-financing. For fiscal year 2026, commitments currently stand at $1.5bn, made up of $900m in energy access financing, $500m for the rest of the energy portfolio, and $100m in co-financing.
The report also showed that more than 50 million people have already gained access to electricity under the programme since its inception. Meanwhile, the World Bank and the African Development Bank have announced plans to accelerate their programme to bring electricity to hundreds of millions of Africans this year by approving new projects, investing in Eritrea, and promoting the development of regional power pools.
Related News Local manufacturers block importation of 1.55 million meters Bauchi gov’s son writes father to pay retirees gratuities Wike slams David Mark’s infrastructure record, defends Tinubu’s achievements A report by Bloomberg on Friday noted that the programme is expected to see tens of billions of dollars invested to reach a target of 300 million connections by 2030 as the development institutions push governments to enact power industry reforms to woo private investors in exchange for funding.