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The World Bank Group, African Development Bank, and The Rockefeller Foundation have jointly launched a Private Sector Council under the Mission 300 initiative, a move designed to unlock billions of dollars in investment for electricity access across Africa.
In a statement issued on Saturday, Mission 300 aims to connect 300 million people—including many in Zambia—to reliable electricity by 2030, while stimulating job creation and broader economic transformation across the continent.
The newly established council comprises 14 industry leaders tasked with crafting strategies to attract private capital, strengthen deal-making capacity, and expand innovative financing models.
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A major priority will be improving access to local currency financing to accelerate commercial energy projects.
According to Makhtar Diop, Managing Director of the International Finance Corporation, the success of Mission 300 will depend heavily on private sector participation, supported by practical, experience-driven strategies.
Launched in 2024, Mission 300 is a collaborative effort backed by partners such as the Global Energy Alliance for People and Planet and Sustainable Energy for All.
Since its inception, the initiative has already connected 44 million people to electricity, with 30 African countries signing energy compacts to expand infrastructure, integrate regional power systems, and promote renewable energy.
However, the challenge remains significant, as nearly 600 million people across Africa still lack access to electricity—underscoring the urgency for faster and more substantial investment.
Institutions including the Multilateral Investment Guarantee Agency and the International Finance Corporation have pledged up to US$5 billion for private sector-led energy projects by 2030.
Kevin Kariuki noted that approximately half of Mission 300’s funding is expected to come from private investors, positioning the new council as a vital link between policy reforms and viable investment opportunities.
Meanwhile, Mission 300 Accelerator Chief Executive Officer, Andrew Herscowitz, emphasized the critical role of off-grid solutions, which are projected to deliver half of all new electricity connections.
“Half of Mission 300 electricity connections are going to come from off-grid solutions. Private sector investment is critical to expanding these options and achieving the initiative’s goals,” he said.
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