Over the next decade, 360 million young people in Africa will attempt to enter a workforce that is expected to only offer opportunities to 150 million, leaving 210 million without employment. This was highlighted by World Bank Group President Ajay Banga during his remarks at the Mission 300 Africa Energy Summit.
Banga emphasized that while forecasts are not destiny, achieving goals requires action. He stated that addressing the challenge of providing electricity to half of the 600 million people in Africa without access is crucial for job creation and future development.
"To succeed, we must embrace a simple truth: no one can do it alone," Banga said. He called for collaboration among governments, businesses, philanthropies, and development banks.
He described governments as "the architects of reform" and "the engineers of investment," noting their role in crafting policies and financing infrastructure. Over the past year, efforts have been made alongside leaders to develop country-specific plans focused on affordable power generation and regional integration.
Amid fiscal challenges, support from organizations like the IMF and World Bank may be necessary for governments to meet infrastructure goals. For the private sector, this represents both a challenge and an opportunity.
"We need your innovation, efficiency, and capacity to scale," Banga stated. Efforts have been made to eliminate regulatory barriers to facilitate private sector investment.
The World Bank Group aims to de-risk investments through equity and guarantees while aligning private capital with public priorities. Philanthropies and development banks play a crucial role by providing concessional financing.
A record $100 billion was secured last year for IDA funding essential for implementing reforms where private capital falls short. The pay-for-performance model ties funds to measurable progress.
While electrification is central to Mission 300's strategy, broader energy projects are also underway. Investments in natural gas support industries such as agriculture and healthcare that drive job growth.
"This development strategy defines the World Bank’s next phase: ensuring that job creation is not a byproduct of our projects but an explicit aim of them," Banga explained.
Success requires collective effort from all sectors involved. "Governments must drive reforms; the private sector must invest with confidence; development banks must deliver financing," he concluded before expressing gratitude for participation in this mission.