The World Bank Group, African Development Bank (AfDB), and Rockefeller Foundation have launched a Mission 300 Private Sector Council to attract billions in private investment for electricity access across Africa, according to an International Finance Corporation (IFC) press release. The council, co-chaired by IFC Managing Director Makhtar Diop and MCJ Foundation Chair Ray Chambers, brings together 14 leaders from diverse sectors to drive strategies, capital flows, and job creation to connect 300 million Africans to electricity by 2030.
Nearly 600 million people in Africa currently lack power, and Mission 300 — backed by the World Bank, AfDB, Rockefeller Foundation, and others — aims to close that gap at unprecedented scale. IFC and MIGA have committed $5 billion to support private investment, while 30 countries have already signed energy compacts focused on infrastructure, regional power, renewables, and private capital. Since 2024, the initiative has connected 44 million people to electricity.
Makhtar Diop said the council’s business leaders have the networks and expertise to turn ambition into real impact. AfDB Vice President Dr. Kevin Kariuki noted that with half of energy compact investments coming from private sources, the council will link policy reforms, catalytic finance, and bankable projects to speed up delivery and support local industry.
The Rockefeller Foundation’s RF Catalytic Capital will host the council’s secretariat, meeting quarterly to coordinate efforts. Mission 300 Accelerator CEO Andrew Herscowitz highlighted that half the connections will come from off-grid solutions, making private investment essential to scale these options and transform lives across the continent.
