In a move described as “transformational,” African leaders have announced a massive agreement to fund an ambitious project aimed at providing electricity to approximately 300 million people across the continent. The announcement was made during the African Energy Summit, which was hosted in the Tanzanian capital, Dar es Salaam, at the end of January. According to the summit’s final statement, the project will be funded through a $50 billion investment package, making it the largest initiative of its kind in Africa’s history.
The statement emphasized that the initiative is a direct response to the electricity crisis affecting more than 600 million Africans. The project is expected to enhance clean energy infrastructure, support small businesses and emerging industries, and improve healthcare and education services in the most marginalized areas.