By Abdullahi Lukman
The European Investment Bank, through its development arm EIB Global, has pledged more than €1 billion to support renewable energy projects across Sub-Saharan Africa as part of efforts to expand electricity access in the region.
The funding forms part of the Mission 300 energy access program, a major initiative led by the World Bank Group and the African Development Bank to provide reliable electricity to 300 million Africans by 2030.
The announcement was made by Nadia Calviño, president of the European Investment Bank, during the EIB Group Forum in Luxembourg.
According to the bank, the investment will support the development of renewable energy projects such as solar, wind and hydropower across Sub-Saharan Africa, while also strengthening electricity transmission and distribution networks.
The EIB noted that improving power grids is essential to ensure electricity generated from renewable sources reaches households, businesses and public institutions efficiently.
The bank said the €1 billion pledge is part of a broader plan to mobilise more than €2 billion for renewable energy development in Africa over the next two years. The initiative is aligned with the Global Gateway strategy of the European Union, which supports sustainable infrastructure projects globally.
The president of the World Bank Group, Ajay Banga, welcomed the commitment, stressing that strong collaboration between development banks, governments and private investors will be essential to achieve the Mission 300 target.
The European Investment Bank already maintains significant investments across Africa. In 2025 alone, the institution invested about €3.1 billion in sectors including healthcare, water infrastructure and support for small and medium-sized enterprises.
The new funding is expected to accelerate the expansion of clean electricity infrastructure in Sub-Saharan Africa, helping millions of people gain access to reliable power while supporting long-term economic development in the region.
