Dar es Salaam, Tanzania, January 27, 2025 – The Islamic Development Bank (IsDB) Group has announced a bold pledge of USD 4.65 billion to support the Mission 300 initiative, joining forces with the World Bank Group, African Development Bank (AfDB), and other key partners. This commitment underscores IsDB’s dedication to bridging Africa's energy gap and accelerating socio-economic development. Mission 300, led by the World Bank and the AfDB, aims to provide electricity access to 300 million people across Africa by 2030.

During a high-level panel discussion titled “The Role of International Partners in the Acceleration of Energy Transformation,” held at the Julius Nyerere International Convention Centre, IsDB Group Chairman, H.E. Dr. Muhammad Al Jasser, reiterated the Bank’s unwavering dedication to addressing Africa’s energy challenges.

“Energy access is not just a development goal—it is a fundamental human right and a moral imperative. Today, nearly 600 million people in Africa still live without electricity, holding back progress in education, healthcare, and economic growth. The IsDB Group is taking bold action with a commitment of USD 2.65 billion, backed by USD 2 billion in insurance coverage for Africa’s electricity sector. This strategic investment will de-risk projects, unlock private capital, and drive transformative energy solutions at scale. Building on our cumulative USD 33.5 billion financing for 622 energy projects across 25 African countries, we are determined to power a new era of opportunity. Together, we can turn ambition into reality and create a fully powered Africa—one that unleashes potential, fuels prosperity, and transforms lives for generations to come.”  said H.E. Dr. Al Jasser.

This multi-pronged approach focuses on renewable energy development, rural electrification, and leveraging Islamic finance instruments to mobilize private sector capital and scale transformative projects.

Africa accounts for 83% of the global unelectrified population, with nearly 600 million people lacking access to electricity. In rural areas, electrification rates remain as low as 40%, underscoring the need for immediate and innovative solutions. Mission 300 aims to bridge this gap by catalyzing investments, deploying renewable energy solutions, and driving critical policy reforms to meet the continent’s growing energy demands.

Over the past five decades, the IsDB Group has played a pivotal role in Africa’s energy sector. These investments have supported grid expansion, renewable energy adoption, and innovative off-grid solutions, driving progress toward sustainable development and energy equity.

In his closing remarks, H.E. Dr. Al Jasser underscored the importance of leveraging the strengths of development partners to achieve transformative results. He emphasized that collaboration among multilateral development banks, regulatory reforms to enable private investment, and scalable project designs that are essential to achieving the ambitious goals of Mission 300. Highlighting the immense energy needs across Africa, he reaffirmed IsDB’s commitment to creating impactful, sustainable solutions that power progress and unlock opportunities for millions across the continent.

The Islamic Development Bank Group remains steadfast in its mission to support Africa’s development, leveraging strategic investments, innovative financing solutions, and collaborative partnerships to address energy poverty and drive sustainable progress.