The European Investment Bank (EIB) has pledged more than €1 billion in financing for renewable energy projects in Sub-Saharan Africa to support the goals of Mission 300, an initiative launched by the World Bank Group and African Development Bank Group aimed at connecting 300 million people to electricity by 2030. EIB Group President Nadia Calviño announced the pledge at the EIB Group Forum, highlighting that the funding will be channelled through EIB Global, the Bank’s dedicated arm for development finance and international partnerships. The investment will support hydropower plants, solar and wind energy projects, and energy networks, aligning with the European Union’s Global Gateway strategy.
This Sub-Saharan Africa-focused pledge is part of a wider effort by EIB Global to advance renewable energy projects across the continent, with over €2 billion expected to be invested over the next two years. The announcement at the Forum in Luxembourg was accompanied by meetings with leaders from the World Bank Group, African Development Bank Group, and the European Commission, which guarantees most of the operations implemented by EIB Global. President Calviño emphasized Europe’s commitment to delivering cleaner, affordable, and reliable energy for hundreds of millions of people, while fostering international partnerships that promote stability, prosperity, and economic development.
European Commissioners and African Development Bank leaders highlighted the transformational impact of the pledge. Jozef Síkela noted that Europe’s Global Gateway investments in clean energy create jobs, power businesses, and drive sustainable growth, while Valdis Dombrovskis stressed that the EIB’s alignment with the Global Gateway strategy strengthens EU-Africa relations and delivers real economic and social benefits. Ajay Banga, President of the World Bank Group, and Dr. Sidi Ould Tah, President of the African Development Bank Group, underscored that the €1 billion pledge strengthens the Mission 300 platform and accelerates tangible progress toward providing electricity to millions across Sub-Saharan Africa.
EIB Global has a strong record of investment in Africa, with €3.1 billion deployed in 2025 across key sectors including support for small and medium-sized enterprises, sustainable energy, transport infrastructure, water, health, and venture capital. Over the past four years, EIB investments have mobilized €73 billion across the continent.
The European Investment Bank Group, owned by the 27 EU member states, is one of the world’s largest multilateral development banks, providing financing and advisory services to high-impact projects supporting climate action, digital innovation, social infrastructure, and global partnerships. EIB Global serves as the Bank’s international arm, fostering development finance initiatives and partnerships in alignment with EU strategies, including the Global Gateway. Mission 300 remains a collaborative effort, bringing together governments, development banks, the private sector, and international partners to expand electricity access, attract investment, improve energy efficiency, and drive economic transformation in Sub-Saharan Africa.
