World Bank Commits $5B For Energy Projects
The countries that will benefit from the grant are Kenya, Ethiopia, Ghana, Liberia, Nigeria and Tanzania.
World Bank Group President, Dr. Jim Yong Kim, said the new financial commitment was urgently needed to generate more electricity for the people of Africa.
The World Bank president also said that this would generate electricity for the people of Africa , 600 million of whom have no access to electricity, despite the fact that Africa possesses some of the world’s largest hydropower, geothermal, wind and solar potential, as well as significant oil and natural gas reserves.
The announcement was made on the second day of the 1st US-Africa Summit which is being held in Washington D.C.
“The U.S. Government and the World Bank Group are working now on specific tasks and milestones which could help to achieve one quarter of power Africa's goal of generating 10,000 megawatts of new power in Sub Saharan Africa,” Kim said.
Africa has vast hydropower potential but uses just 8 percent of this untapped water force.
In comparison, Western Europe uses 85 percent of its available hydropower potential, which has contributed to their economic development and industrialization.
“Like Europe and the rest of the world, Africa deserves the same opportunity to exploit this green source of power to improve the lives and economic prospects of its people,” said the World Bank’s Vice President for Africa, Makhtar Diop.
By Beth Nyaga
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