AfDB Leaders Seek $250 Billion DFI Assets To Expand Electricity Access Under Mission 300

African finance leaders meeting at the 2026 Annual Meetings of the African Development Bank (AfDB) Group in Brazzaville, Republic of Congo called for coordinated action to unlock about $250 billion in assets held by the continent’s Development Finance Institutions (DFIs) to support electricity access across Africa.

“- African development finance institutions are strengthening cooperation to support Mission 300, an initiative to expand electricity access to 300 million Africans by 2030”

Business Insider Africa

The session, held on Friday, May 29, 2026, focused on Mission 300, a joint initiative of the AfDB and the World Bank Group aimed at connecting 300 million Africans to electricity by 2030.

Business Insider Africa

AfDB Vice President Kevin Kariuki said, “We need African capital to work more systematically for African development,” adding that the proposed Mission 300 African DFI Coalition would help strengthen coordination and mobilise financing for energy projects across the continent.

Kariuki said Mission 300 requires about $238 billion across 30 countries in its first implementation phase, with nearly half expected from the private sector, while participants emphasized that blended finance mechanisms were critical for attracting private and institutional investment into Africa’s energy sector.

In a separate intervention, Chief Executive Officer of the African Guarantee Fund Constant N’zi said, “There is $2.5 trillion sitting in the balance sheets of African commercial banks,” describing the fund’s mandate as unlocking such capital to finance economic development.

A high-level discussion at the Kintélé International Conference Centre linked the push for Mission 300 to the need to mobilise local capital, with delegates saying African development finance institutions hold about $250 billion while commercial banks have an estimated $2.5 trillion that could help fund infrastructure projects.

AfDB Vice President for Power, Energy, Climate and Green Growth Kevin Kariuki stressed that no single institution could achieve the programme’s objectives alone, calling for a coalition of African development finance institutions to improve coordination and align investment strategies.

Climate Home News

The West African Development Bank (BOAD) representative Oumar Tembely confirmed a commitment of approximately 1.1 billion CFA francs (€1.7 million) to support the initiative, as discussions also focused on attracting private investors through blended finance structures and risk-sharing mechanisms.

Trade and Development Bank Group President Admassu Tadesse reaffirmed his institution’s support for Mission 300 by describing access to reliable electricity as essential for economic transformation.

In a separate presidential dialogue earlier this week, AfDB President Sidi Ould Tah joined Presidents Brice Oligui Nguema of Gabon, Faustin‑Archange Touadéra of the Central African Republic, and Denis Sassou Nguesso of the Republic of Congo to discuss energy, infrastructure, industrialisation and climate finance under the theme of mobilising development financing in a changing global environment.

Beyond connecting households, Climate Home News reported that leaders at the AfDB annual meetings argued for electricity infrastructure that powers economies, with Central African Republic President Faustin-Archange Touadéra saying, “without power supply we will not be able to achieve development”.

“Editing:Joe Lo At the African Development Bank (AfDB) annual meetings this week, several African leaders called for investments in electricity infrastructure which go beyond lighting homes to powering economies”

Climate Home News

Republic of Congo President Denis Sassou Nguesso echoed that framing, saying, “as we need to help our people to turn towards agriculture, to turn towards livestock rearing, we also need to provide power to them.”

The reporting said the AfDB launched a new progress tracker for Mission 300 to provide real-time data on electricity access projects across Africa, and it shows Mission 300-supported projects underway are due to connect 34.6 million people.

Climate Home News also described a new Centre of Excellence for Productive Use of Energy being developed under Mission 300 by the philanthropically funded Global Energy Alliance for People and Planet (GEA), with the centre aimed at translating electricity connections into economic opportunities and livelihoods.

In an interview with Climate Home News, GEA vice president for Africa Carol Koech said the initiative is designed to ensure electrification supports income generation, agriculture and local economic development rather than only basic household access.