The World Bank Group yesterday committed $5 billion in new technical and financial support for energy projects in six African countries-- Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania—which have partnered with President Obama’s Power Africa initiative.
Making the announcement on the second day of the 1st US-Africa Summit, World Bank Group President, Dr. Jim Yong Kim, said the new financial commitment was urgently needed to generate more electricity for the people of Africa, 600 million of whom have no access to electricity, despite the fact that Africa possesses some of the world’s largest hydropower, geothermal, wind and solar potential, as well as significant oil and natural gas reserves.
