The African Development Bank Group has unveiled what it calls a ‘New Deal on Energy for Africa’ at the World Economic Forum in Davos, Switzerland, All Africa reported. The bank will spend $12b on the project over the next five years. President of the African Development Bank (AfDB), Akinwumi Adesina, said he expected nearly $50b in additional funding to come from other stakeholders.

The bank calls the plan a transformative, partnership-driven effort to universal access to energy in Africa by 2025, especially through assisting African governments in strengthening energy policy, regulation, and sector governance. “The African Development Bank is working with governments, the private sector, bilateral, and multilateral agencies – several of whom are represented here – to develop a Transformative Partnership on Energy for Africa. This will provide a platform for public private partnerships for innovative financing for Africa’s energy sector,” Adesina explained.

AfDB’s Head also added that “The ‘New Deal on Energy for Africa’ sets the ambitious target of universal access by 2025, which means bringing modern energy to 900 million people in sub-Saharan Africa, to cover for those who do not currently have access as well as the expected population growth. This implies a step change in the way that the Bank, African countries, development partners, and the private sector approach the energy sector on the continent.”