EIB commits more than €1 billion to promote renewable energy and electricity access in sub-Saharan Africa

The European Investment Bank (EIB), through its development arm EIB Global, has announced major funding of over €1 billion to support renewable energy projects across sub-Saharan Africa. The investment is part of an international initiative known as the Mission 300 Energy Access Program led by the World Bank Group and the African Development Bank. The mission aims to provide reliable electricity access to 300 million people in Africa by 2030, addressing one of the continent’s most critical infrastructure challenges.

The funding commitment was announced by Nadia Calvigno, President of the European Investment Bank, during the EIB Group Forum in Luxembourg. This announcement highlights the growing global focus on solving Africa’s energy access gap. Currently, around 600 million people in sub-Saharan Africa still live without electricity, impacting economic growth, health services, education and overall quality of life. The EIB’s new funding is expected to play an important role in reducing this gap.

The planned investments will support the development of multiple renewable energy sources, including solar power, wind energy, and hydropower projects throughout the region. In addition to power generation, this funding will also help improve transmission and distribution networks. Strengthening the power grid is considered essential to ensure that electricity generated from renewable projects can be efficiently delivered to homes, businesses and public services.

The EIB said the €1 billion commitment was part of a broader plan to mobilize more than €2 billion for renewable energy development in Africa over the next two years. This initiative is closely aligned with the European Union’s Global Gateway Program, which focuses on supporting sustainable infrastructure projects around the world. Through this approach, the bank aims to foster economic development while supporting climate-friendly energy solutions.

World Bank Group President Ajay Banga welcomed the EIB’s efforts and emphasized the importance of cooperation between development banks, governments, and private sector investors. He said achieving the goals of Mission 300 will require a coordinated effort from multiple agencies and significant financial support.

The European Investment Bank already has a strong presence in Africa. In 2025 alone, the bank invested approximately €3.1 billion in various sectors across the continent. These investments include projects related to healthcare, water infrastructure, and small business support.

With this new renewable energy funding, the EIB aims to accelerate the expansion of clean power infrastructure in sub-Saharan Africa. The initiative is expected to provide millions of people with access to reliable electricity, while also supporting sustainable development and long-term economic growth across the region.

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