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President of the African Development Bank Dr Akinwumi Adesina has vowed to bring electricity to the poorest parts of the continent within a decade and says he can mobilise $55 billion a year to make it happen.
Adesina, who was elected to lead the lender in September, is undaunted by the scale of the challenge. At least 620 million people have no access to power, including vast populations in war-torn countries such as South Sudan, Somalia and the Democratic Republic of Congo, according to Bloomberg.
“I’m not bothered by that amount — that money is there,” Adesina said in a phone interview. “Today Africa generates $540 billion in tax revenue per year. If you take 10 percent of that and devote it to the energy sector, the problem is solved. If we light up and power Africa, we can have a GDP growth rate of double digits without any problem at all.”
Adesina, who was elected to lead the lender in September, is undaunted by the scale of the challenge. At least 620 million people have no access to power, including vast populations in war-torn countries such as South Sudan, Somalia and the Democratic Republic of Congo, according to Bloomberg.
“I’m not bothered by that amount — that money is there,” Adesina said in a phone interview. “Today Africa generates $540 billion in tax revenue per year. If you take 10 percent of that and devote it to the energy sector, the problem is solved. If we light up and power Africa, we can have a GDP growth rate of double digits without any problem at all.”
