The World Bank Group and the African Development Bank Group revealed the milestone on Tuesday, saying the programme has now delivered electricity access across 40 countries at a much faster rate than when it began in 2024.

Mission 300 focuses on the entire power chain, from electricity generation and transmission to distribution and last-mile connections.

According to the two institutions, that approach has helped expand both grid and off-grid electricity access, bringing power to homes, businesses and public institutions more quickly.

Tanzania recorded one of the largest growth under the programme. About 7.5 million people have been connected to electricity, five times the country’s average annual electrification rate before Mission 300.

In Ethiopia, 4.6 million people have received access to power after reforms helped reduce the cost of connecting to the national grid.

The programme also aims to bring governments, development partners and private investors together under a common plan for expanding energy access.

Organisers said stronger political commitment, policy reforms and increased financing have helped speed up progress in participating countries.

So far, the World Bank Group and the African Development Bank Group have committed nearly $15 billion to Mission 300 projects. The initiative has also attracted around $4.5 billion in co-financing, while other development partners have pledged more than $7 billion to support Africa’s energy sector.

Mission 300 has also sought to encourage greater private sector participation in electricity projects. In combining policy reforms with grants, guarantees and concessional loans, the programme aims to reduce investment risks and make it easier for companies to serve communities that were previously considered difficult or expensive to reach.

In Nigeria, more than 4.5 million people have been connected through projects led by private sector operators, highlighting the role of public support and partner funding in expanding electricity access.

Another part of the initiative is the development of National Energy Compacts, which are country-led plans designed to strengthen power systems, increase affordable electricity generation, expand renewable energy use and encourage private investment.

Thirty countries have already launched the compacts. Burkina Faso, the Central African Republic, Djibouti, Gabon, Rwanda and Uganda are expected to unveil theirs during this week’s Africa Energy Forum.

Speaking on the milestone, World Bank Group President Ajay Banga said:

“Fifty million people connected is a milestone, but the bigger story is the pace and the partnership behind it. Mission 300 is helping countries move faster, connect more people, and build a platform that will last well beyond this effort, one others can use, build on, and scale for years to come. 

“At the end of the day, electricity is not just about power. It is about what it enables: jobs, business, health care, education, and opportunity.”

President of the African Development Bank Group Sidi Ould Tah said the achievement should encourage faster action across the continent.

“The 50 million milestone is indeed commendable. This must become the launchpad for faster electrification to enhance food security on account of affordable irrigation; increase capacity to store medicines for better health outcomes, and spur more inclusive economic and social empowerment.

“Governments, partners, private sector, and others who comprise what has evolved into an M300 movement must double down to achieve access for 300 million people by 2030. We need all hands on deck, literally!”

Development partners backing the initiative also welcomed the progress.

Rajiv J. Shah, president of The Rockefeller Foundation, said:

“Connecting over 50 million to electricity is a major milestone for Mission 300. It proves that African-led big bets, empowered by bold investment and partnership, can deliver results quickly and at scale. The Rockefeller Foundation, along with the Global Energy Alliance, has committed more than $100 million to Mission 300 because we know that every new connection means a family with new access to the jobs, education, and the dignity they deserve.”

Damilola Ogunbiyi, CEO and special representative of the UN Secretary-General for Sustainable Energy for All, said the programme was producing tangible results across the continent.

“The 50 million milestone shows that Mission 300 is moving beyond ambition and delivering real results for people across Africa. These achievements reflect the strong political commitment and implementation capacity of African governments.

“Together with our partners, Sustainable Energy for All will continue to support governments in implementing their National Energy Compacts and accelerating progress towards universal energy access by 2030.”

Woochong Um, CEO of the Global Energy Alliance for People and Planet, said collaboration between governments, development institutions and private investors would remain important as the programme expands.

Launched in 2024, Mission 300 is a joint initiative of the World Bank Group and the African Development Bank Group. The programme is supported by The Rockefeller Foundation, the Global Energy Alliance for People and Planet, Sustainable Energy for All, governments, development institutions and private sector partners.

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Under the initiative, two modern provincial polytechnic institutes will be established in Bioko Sur and Welé-Nzas.

These institutes will provide flexible market-oriented training in key sectors such as agriculture, fisheries, public works, tourism and digital technology, developed in close collaboration with the private sector. 

“The successful implementation of PARCH 1 is expected to create 4,500 jobs for young people and women, support the launch of 500 businesses, most led by young people and women, and provide training and job placement opportunities for 1,935 beneficiaries,” said Léandre Bassolé, director General of the Bank for Central Africa. 

PARCH 1 is structured around three components: improving vocational training to align with high-growth value chains; promoting youth and women’s employment by improving the entrepreneurial ecosystem and advancing economic, social and territorial inclusion; and strengthening project management and partnerships. 

Equatorial Guinea is currently grappling with a youth unemployment rate of 23.5 percent, with a particularly high rate among women (26.7 percent).

These figures reflect a fundamental mismatch between educational training and labour market demands.

An estimated 16.5 percent of youth are unemployed, untrained or have dropped out of school, often turning to the informal sector and contributing to social tensions.

The country’s technical and vocational education and training system has struggled with institutional budgetary constraints, receiving less than 2 percent of national resources, alongside inadequacies in curriculum development and skills recognition.  

The African Development Bank’s support for the project will help reduce unemployment and underemployment, improving economic inclusion and driving social stability, particularly in Bioko Sur and Welé-Nzas. 

As of 30 August 2025, the African Development Bank Group’s active portfolio in Equatorial Guinea comprised six projects valued at €85 million, with investments focused on agriculture and fisheries (65 percent), governance (34 percent), ICT (0.69 percent), and energy (0.55 percent). 

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The equity investment of €18 million will be directed to the Africa Guarantee Fund (AGF), while an additional €1.2 million will be allocated to support youth and women engaged in agricultural value chains.

The funding, provided by the European Union (EU) as part of its partnership with the African Development Bank Group, aims to address the unmet demand for MSME financing in Kenya, which has been further exacerbated by the disruptions caused by the Covid-19 pandemic. The International Finance Corporation (IFC) estimates a finance gap of $19.38 billion for SMEs in Kenya, representing 30 percent of the country’s GDP.

Recognizing the importance of women and youth in the agricultural sector, Mrs. Nnenna Nwabufo, the Bank Group’s Director General for East Africa, emphasized the significance of the approval as a milestone in the implementation of the EU partnership. The agriculture sector is a vital source of employment, particularly in rural areas, and contributes to 60 percent of Kenya’s exports.

However, women entrepreneurs face numerous constraints in accessing finance and growing their businesses, including limited business management skills, legal and policy barriers, lack of access to networks and information, and inadequate financing options tailored to their specific needs. Banks often perceive women-led businesses as risky due to collateral limitations and smaller business sizes, resulting in limited lending opportunities.

The funding approved by the AfDB aims to address these challenges and catalyze private investment in the women entrepreneurship segment. By supporting women entrepreneurs and fostering inclusive economic growth, the aim is to bridge the gender gap and promote sustainable development in Kenya.

The approval of €18 million for the Africa Guarantee Fund will enhance its capacity to provide guarantees and other financial instruments to facilitate access to finance for MSMEs. The remaining €1.2 million will specifically target youth and women engaged in agricultural value chains, aiming to support their entrepreneurial ventures and promote job creation in the sector.

The AfDB Group’s commitment to addressing the financing needs of MSMEs and women entrepreneurs aligns with efforts to drive economic recovery and resilience in Kenya. The funding will contribute to reducing the finance gap and creating a more conducive environment for inclusive growth and sustainable development.

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Leveraging BFA’s strategic footprint in Angola, this guarantee will provide support to Small and Medium sized Enterprises, including women-led businesses.

The move will facilitate the import and export trade finance requirements of SMEs and, by extension, strengthen the Angolan credit market. The African Development Bank will provide up to 100% guarantee to participating banks for the non-payment risk arising from the confirmation of letters of credit and similar trade finance instruments issued by BFA.

Commenting on the approval, the Bank’s Director General for Southern Africa, Leila Mokaddem said, “The approval of this facility by the Board of Directors allows the African Development Bank to support BFA to finance trade-related transactions, such as exports of agricultural commodities, import of raw materials and inputs. This will strengthen BFA’s capacity to finance trade transactions for SMEs and local businesses, providing essential risk coverage to support value chain financing, working capital, and export-import transactions.”

African Development Bank Officer in Charge of the Financial Sector Development Department, Ahmed Attout emphasized the critical need for such support on the continent.

“We are excited about this partnership which will help BFA to increase its trade finance support to critical sectors of the Angolan economy by leveraging the capital relief provided by the AfDB’s AAA rated TG” he said. “This is aligned with the AfDB’s focus on private sector development through the provision of support to the financial sector,” he added.

Pietro Toigo, Bank’s country manager in Angola said: “The approval of this transaction is part of the African Development Bank’s efforts to support growth of the private sector and economic diversification in Angola, and extend provision of credit to underserved segments of the market”.

The African Development Bank estimates the annual trade finance gap for Africa to be around $81 billion. Compared to multinational corporates and large local corporates, SMEs and other domestic firms have greater difficulty in accessing trade finance. The TG is one of the strategic tools that the Bank deploys to help reduce the continent’s trade finance gap.

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