African banks sit on $2.5 trillion as leaders race to bring electricity to 300 million people

African development finance institutions are intensifying efforts to mobilise African capital for one of the continent’s most ambitious infrastructure programmes, as leaders seek to connect 300 million people to electricity by 2030.

Meeting on the sidelines of the African Development Bank (AfDB) Annual Meetings in Brazzaville, financial leaders called for stronger coordination among African lenders and a greater deployment of local capital to support Mission 300, a joint initiative led by the AfDB and the World Bank.

The appeal comes as Africa faces a financing gap for energy access. Mission 300 is expected to require about $238 billion in funding, with roughly half of that projected to come from private sector investors.

Speaking during a high-level discussion at the Kintélé International Conference Centre, participants argued that African institutions hold significant financial resources that could help close the gap. They pointed to an estimated $250 billion currently held by development finance institutions across the continent.

A key announcement came from the West African Development Bank (BOAD), whose representative, Oumar Tembely, confirmed a commitment of approximately 1.1 billion CFA francs (€1.7 million) to support the initiative.