Zambia, other Sub-Saharan countries need $12bn to improve electricity access —IFC

The Mission 300 programme to improve electricity access requires investment close to US$12 billion as per the Energy Compact, with about $9.7 billion expected to come from the private sector, the International Finance Corporation (IFC) has said.

Mission 300 is a joint initiative by the World Bank Group and the African Development Bank Group to connect 300 million people in Sub-Saharan Africa to electricity by 2030.

Madalo Minofu, the IFC Country Manager for Ethiopia, Malawi and Zambia said this during the Energy Forum for Africa in Lusaka.

Minofu said the programme was therefore not only a public investment agenda but fundamentally a private capital agenda as it links financing to specific policy reforms, timelines and accountability.

She said the platform provided an opportunity to deploy IFC’s capital in the form of equity, blended finance, guarantees and advisory solutions.

“The analytical roadmap is established, the policy anchor is in place and the market is demonstrating momentum, and the task now is execution. To accelerate private investments, Zambia should maintain progress in five areas,” Minofu stated.

She listed the areas as completing the transition towards cost-reflective tariffs while maintaining targeted protection for vulnerable households.

“Two, apply grid access rules consistently and publish predictable timelines and requirements for interconnection studies and connection agreements. Three, advance accounting separation across generation, transmission and distribution to improve transparency and support private participation,” Minofu said.

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