The African Development Bank (AfDB) has committed to delivering electricity to 300 million people by 2030, as announced by AfDB President Akinwumi Adesina during the 10th Africa Debate in London.
Adesina emphasized the transformative power of energy for Africa’s development, highlighting the bank’s efforts in increasing electricity access from 32% to 57% of the African population. He underscored the ambitious goal of achieving universal access to electricity by the end of the decade.
Adesina further outlined the AfDB’s initiatives, including substantial investments in renewable energy projects such as the Desert-to-Power program, recognized as the world’s largest solar power initiative.
Additionally, he noted that 40% of the bank’s financing is allocated to climate finance, supporting projects like the African Adaptation Acceleration Programme with a mobilization of $25 billion, the largest of its kind globally.
Addressing over 200 African investors, Adesina emphasized the pivotal role of infrastructure in facilitating trade and investment across Africa. He highlighted the AfDB’s significant financial contributions totaling $50 billion over the past eight years, positioning the bank as a primary financier for diverse projects aimed at transforming the continent.
Adesina also challenged prevailing misconceptions about Africa’s risk profile, citing data from Moody’s Analytics that indicates Africa has the lowest infrastructure default rate globally at 1.9%, compared to other regions.
He advocated for reforms in credit rating agencies to accurately reflect Africa’s risk, proposing the establishment of an African credit-rating agency to better assess local economic conditions.
During his visit to the London Stock Exchange, Adesina symbolically rang the opening bell, underscoring the growing economic ties between Africa and global financial markets.
His engagements reaffirm AfDB’s commitment to fostering sustainable development and economic growth across the continent through strategic investments and international partnerships.