World Bank, AfDB, Rockefeller launch Mission 300 council to drive Africa’s $300m electrification push

World Bank Group, African Development Bank, and The Rockefeller Foundation have launched a new Private Sector Council under the Mission 300 initiative, aimed at mobilizing billions in investment to connect 300 million Africans to electricity by 2030 while accelerating job creation across the continent.

The council brings together 14 private sector leaders to help unlock capital flows, scale catalytic finance platforms, particularly in local currency, and strengthen deal-making capacity to fast-track commercially viable energy projects.

Mobilizing private capital at scale
Mission 300 is a joint initiative designed to close Africa’s vast energy access gap, where nearly 600 million people still lack electricity. The program seeks to combine public financing with large-scale private investment to expand grid and off-grid energy solutions across the continent.

Makhtar Diop, Managing Director of the International Finance Corporation, and Ray Chambers will co-chair the council, bringing together expertise and networks to translate policy ambition into bankable projects. “Mission 300’s success depends on mobilizing private investment at scale,” Diop said, emphasizing the need for strategies shaped by businesses with on-the-ground experience in Africa’s energy markets.

Scaling electrification and economic impact
Since its launch in 2024, Mission 300 has connected 44 million people to electricity, with 30 African countries signing energy compacts focused on infrastructure expansion, regional power integration, renewable energy adoption, and private sector participation.

To support this push, IFC and the Multilateral Investment Guarantee Agency have committed $5 billion toward private sector-led energy investments by 2030. Around half of the targeted electricity connections are expected to come from off-grid solutions, highlighting the critical role of private developers and investors.

Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth at the African Development Bank, said the council would strengthen the link between policy reform, finance, and project execution, accelerating delivery and supporting local industry growth.

Private sector takes center stage
The council includes major global and African players such as Airtel Africa, TotalEnergies, Standard Bank, and Scatec, among others spanning energy, finance, and infrastructure.

With its secretariat hosted by RF Catalytic Capital, the council will meet quarterly to drive execution. 

The initiative underscores a growing shift toward private capital as the engine of Africa’s energy transition, blending policy support, catalytic funding, and commercial investment to power inclusive economic growth.