World Bank Group, partners launch private sector council
By Akintunde Olamide The World Bank Group, alongside the African Development Bank (AfDB) and The Rockefeller Foundation, has unveiled a new Mission 300 Private Sector Council aimed at unlocking billions
By Akintunde Olamide
The World Bank Group, alongside the African Development Bank (AfDB) and The Rockefeller Foundation, has unveiled a new Mission 300 Private Sector Council aimed at unlocking billions of dollars in private investment to expand electricity access and create jobs across Africa.
The initiative targets connecting 300 million Africans to electricity by 2030, while accelerating economic growth and employment opportunities across the continent.
Fourteen business leaders drawn from various industries will guide strategies to attract capital, strengthen deal making capacity, and scale up innovative financing particularly in local currencies. The council will be co-chaired by Makhtar Diop of the International Finance Corporation (IFC) and Ray Chambers.
Speaking on the initiative, Diop emphasized that achieving Mission 300 requires large scale private sector participation and practical strategies shaped by experienced industry players. He noted that the council brings together influential leaders capable of turning ambitious plans into tangible results.
Mission 300 is a joint effort by the World Bank and African Development Bank, supported by partners including the Global Energy Alliance for People and Planet and Sustainable Energy for All. The programme seeks to significantly expand electricity access while boosting job creation.
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Currently, nearly 600 million people in Africa lack electricity. Addressing this gap will require unprecedented levels of investment, speed, and collaboration particularly from the private sector.
To support this, the IFC and the Multilateral Investment Guarantee Agency have pledged $5 billion toward private sector investments under Mission 300 by 2030.
Since its launch in 2024, Mission 300 has already connected 44 million people to electricity. Additionally, 30 countries have signed energy compacts aimed at expanding infrastructure, promoting renewable energy, strengthening regional power integration, and encouraging private investment.
Dr. Kevin Kariuki described the council as a major step toward accelerating investment flows, noting that about half of the funding for energy compacts is expected to come from private sector players. He added that involving business leaders would help bridge the gap between policy reforms, financing, and viable projects, ultimately driving faster delivery and job creation.
Half of the targeted electricity connections under Mission 300 are expected to come from off-grid solutions, making private investment essential in expanding decentralized energy systems. Andrew Herscowitz said the Mission 300 Accelerator will work closely with partners and the council to fast-track commercial investments and improve lives across Africa.
The Private Sector Council includes representatives from companies such as Airtel Africa Plc, Elsewedy Electric, EQT Corporation, Standard Bank, and TotalEnergies, among others.
