The World Bank (WB) and the African Development Bank (AfDB) have entered into a partnership with the aim of providing access to electricity to more than 300 million people in Africa by 2030.

The WB will be responsible for bringing energy to 250 million people through renewable energy systems or the distribution network, while the ADB will support a further 50 million people.

For the WB to connect 250 million people, 30 billion dollars of public sector investment will be needed, of which IDA, the World Bank's concessional arm for low-income countries, will be key. In addition, governments will have to put in place policies to attract private investment and reform their utilities so that they are financially sound and efficient, with tariff mechanisms that protect the poor.

Connecting 250 million people to electricity would open up opportunities for private sector investment in distributed renewables alone worth nine billion dollars.

Currently, 600 million Africans do not have access to electricity, which creates significant obstacles to healthcare, education, productivity, digital inclusion and, ultimately, job creation.

"Access to electricity is the basis of all development. It is a key ingredient for economic growth and essential for large-scale job creation. Our aspiration will only be realized with partnership and ambition. We will need political action from governments, financing from multilateral development banks and investment from the private sector to make this happen," said Ajay Banga, President of the World Bank Group.

This partnership is supported by a constellation of regional energy programs that will now be aligned towards this common goal.