Africa’s finance ministers meet World Bank on energy funding

Wale Edun, minister of finance and coordinating minister of the economy, alongside other finance ministers from West and Central Africa, met with the World Bank Group on Thursday.

Edun said the objective of the meeting was geared towards attaining sustainable growth and development, according to NAN.

He also said major project financing through concessional funding for the West and Central African countries and the poor countries was also discussed.

“This is focusing on the International Development Association (IDA). We are here to discuss the funding of electricity access, social safety needs, digitisation and the general issues that affect poor countries,” the minister said.

On her part, Anna Bjerde, World Bank managing director of operations, said the major focus of the engagement, was the challenge of energy access.

“Energy access is an excellent example of what can be accomplished. It is also an issue that African leaders have prioritised since 2000, and access to energy has more than doubled across Africa,” Bjerde said.

“Despite significant investment and progress at the current pace, close to 600 million Africans are likely to remain without electricity by 2030, with two-thirds of those living in countries currently classified as protected.

“Together, we can do better to reach universal electricity access.

“By the end of the decade, the rate of electricity access growth will be to triple, this is doable and the World Bank Group is ready to accompany you in the journey from ambition to reality.”

Bjerde further said one of the many lessons from COVID-19 was how important it was to have a strong tightening delivery system to help the most vulnerable countries build resilience to shocks.

“Whether they be from pandemics, combat or climate, we accelerated the use of established cash transfer systems to reach more than 50 million people, or 10 percent of the total original population,” she said.

“We also supported about 20 million farmers and pastoralists with urgent agricultural inputs.

“The investments that you have all carried out to build robust delivery and targeting systems means that more can now be done to help the most vulnerable.

“These examples show that transformation and impact are possible if countries decide to create the conditions to convert opportunities into transformation on the continent.”

She said that the role of the World Bank was more important than ever.

Bjerde said the World Bank exist to work hand-in-hand toward the best achievable results for the prosperity of countries, adding the institution is a consistent and steadfast partner for African countries.