The World Bank Group has allocated five billion dollars to facilitate access to electricity for approximately 100 million people in Africa by the year 2030. The president of the multilateral financial institution, Ajay Banga, announced this commitment in Zanzibar, Tanzania, during the mid-term assessment of the International Development Association’s (IDA) $93 billion replenishment initiative. Banga outlined his strategy to leverage resources from the IDA to extend zero- or low-interest loans to nations with limited financial means.
Emphasising the importance of collective effort, Banga urged World Bank shareholders, donor countries, and philanthropic organisations to boost their contributions. The goal is to enhance the IDA’s capacity to achieve more impactful development outcomes in low-income countries.
“The truth is, we are pushing the limits of this important concessional resource, and no amount of creative financial engineering will compensate for the fact that we need more,” he stated.
He added that the World Bank needed to re-evaluate its performance to focus on improved outcomes, not numbers of projects or dollars disbursed.