“Connecting People to Electricity” - OPEC Fund joins Mission 300 with a US$2 billion pledge

January 27, 2025: Supporting access to electricity for hundreds of millions of people, the OPEC Fund for International Development (the OPEC Fund) is joining Mission 300 with an up to US$2 billion pledge. The institution will initially commit US$1 billion to support the initiative and potentially contribute an additional US$1 billion following a progress and demand evaluation in 2027. Launched by the World Bank Group (WBG) and the African Development Bank (AfDB) in collaboration with partners, the initiative aims to connect 300 million people to electricity in sub-Saharan Africa by 2030.

The OPEC Fund made its pledge at the African Heads of State Energy Summit in Dar es Salaam, Tanzania, on Monday. President Abdulhamid Alkhalifa said: 

“Mission 300 has the potential to be a real game-changer for millions of people in Africa. Access to electricity will support livelihoods, empower people to set up businesses, unlock opportunities and generate economic growth. The OPEC Fund has always pursued Sustainable Development Goal 7 – Access to Affordable and Clean Energy as one of our core goals and today’s pledge further strengthens this commitment.”

Addressing energy poverty in an environment-friendly way is a key concern of the OPEC Fund. Guided by its Climate Action Plan, the institution has significantly scaled up its engagements in recent years, especially in Africa where about 600 million people still lack access to electricity. New projects across the continent include the Niger Solar Plant Development and Electricity Access Improvement Project and the Suez Wind Power Plant in Egypt. The OPEC Fund is also a pioneer in clean cooking solutions and signed a corresponding US$35 million loan with the Republic of Madagascar in September 2024.

Africa is the largest region of operations for the OPEC Fund. Since inception in 1976, the institution has provided some US$15 billion in public and private sector financing to countries across the continent. The OPEC Fund’s engagement is focused on empowering Africa’s huge potential based on natural resources and a skilled, young workforce.

Mission 300 focuses on expanding the electricity grid, increasing connections in underserved areas and deploying mini-grids and standalone solar solutions to bring power to remote, off-grid communities. At the same time, Mission 300 is modernizing Africa’s energy sector by catalyzing infrastructure investment, driving comprehensive policy reforms and mobilizing private investment.

The African Heads of States Energy Summit in Dar es Salaam (January 27-28) will highlight the urgent need for reliable, affordable and sustainable energy across the continent. Mahmoud Khene, OPEC Fund Regional Director for West & Central Africa, represented President Abdulhamid Alkhalifa at the event.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.