World Bank And African Development Bank Launch Mission 300 Private Sector Council To Electrify 300 Million Africans By 2030

The World Bank and AfDB launch the Mission 300 Private Sector Council to connect 300 million Africans to electricity and create jobs by 2030.

By: AXL Media

Published: Apr 1, 2026, 9:26 AM EDT

Source: The information in this article was sourced from LEADERSHIP

Mobilizing Private Capital for Continental Electrification

The World Bank Group, the African Development Bank, and The Rockefeller Foundation have formally launched the Mission 300 Private Sector Council. This strategic body is tasked with mobilizing the billions of dollars in private investment required to connect 300 million people in Africa to electricity by the end of the decade. With nearly 600 million Africans currently lacking power access, the council serves as a bridge between high-level policy and actionable, bankable projects. By centering private sector expertise, the initiative aims to accelerate the speed and scale of energy deployment across the continent.

Leadership and Strategic Objectives

The council is co-chaired by Makhtar Diop, Managing Director of the International Finance Corporation (IFC), and Ray Chambers, Chair of the MCJ Foundation. Comprising 14 leaders from diverse industrial sectors, the council will focus on crowding in capital and enhancing deal-making capabilities. A key priority is the scaling of catalytic finance platforms, particularly those utilizing local currencies, to reduce investment risk and support regional economic transformation. Diop emphasized that the council’s success hinges on translating ambitious energy goals into tangible commercial impacts through established business networks.

Progress of the Mission 300 Initiative

Since its inception in 2024, the Mission 300 initiative has already successfully connected 44 million people to electricity. To date, 30 African nations have signed energy compacts, committing to infrastructure expansion, regional power integration, and a shift toward renewable energy sources. The World Bank Group, through the IFC and MIGA, has already pledged $5 billion in direct support for private sector investments under this framework. This institutional backing is designed to encourage further participation from global and local investors who may have previously viewed the African energy market as too volatile.