The World Bank has committed five billion dollars for energy projects in Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania. The commitment is to support President Obama's Power Africa initiative, which aims to double access to electricity in sub-Saharan Africa.
World Bank Group President, Jim Yong Kim, said in a statement that the World Bank thinks that "the US Power Africa initiative will play an extremely important role in achieving the goal of providing electricity for Africa." He said the funds would be provided in direct financing, investment guarantees, and advisory services for project preparation in Power Africa's six initial partner countries. He said the World Bank and the US Government would also be working together to meet the target of generating 10,000 megawatts of new power in sub-Saharan Africa.
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