The World Bank has announced plans to allocate $5 billion to provide electricity to 100 million people in Africa by the end of the decade. Access to electricity remains a pressing issue in several African nations, posing significant challenges to their development.

The disclosure came from Ajay Banga, the President of the World Bank, during his speech at the mid-term review of the International Development Association (IDA)’s $93 billion replenishment package.

Banga highlighted that ambition as an example of how he plans to wield funds from the bank’s International Development Association, which provides zero- or low-interest loans to low-income countries, and why donor countries need to provide support, Bloomberg reported.

In his remarks, he noted that some 1.1 billion young people in the Global South are expected to reach working age over the next decade.

Source: BI