Last week at the World Economic Forum, A New Deal on Energy for Africa, was launched at the World Economic Forum in Davos, Switzerland.
The partnership, which aim is to fill the electricity gap by connecting more than 200 million people in Africa including 75 million off-grids and also aims to invest between $40 billion and $70 billion a year in Africa – a huge, 200-percent increase from what was invested in the continent in 2014.
According to the President of the African Development Bank Group, “The New Deal on Energy for Africa sets the ambitious target of universal access by 2025, which means bringing modern energy to 900 million people in sub-Saharan Africa,”
He also added that, “The Africa Progress Panel has already done the research to show that Africa can power itself — if it and others work together.”
The Huffington Post further described the announcement as thus:
This announcement is an unequivocal acknowledgement of the role that energy access will play in the economic growth of Africa and should be loudly applauded; for the recognition of the mandatory collaboration among key partners, particularly among donors; for setting out a clear prioritization of energy access in the [African Development Bank Group‘s] agenda, an area that the bank has been weak on in the past; and for its clear articulation of the political will and financing innovations that will be needed to achieve such levels of access.