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World Bank Approves $1.6B for West Africa Energy

January 28, 2025
Prince Agyapongby Prince Agyapong
in Extractives/Energy
0
World Bank

World Bank

The World Bank Board of Directors has approved a ground breaking $1.6 billion investment program aimed at transforming West Africa’s power sector.

The West Africa Regional Electricity Market Program (WA-REMP) will bolster regional power integration, enhance energy security, and support a transition toward a more sustainable, affordable, and lower-carbon energy future.

The initiative, backed by the International Development Association (IDA), addresses urgent electricity needs for households, industries, and medium-sized enterprises while strengthening regional and national power sector institutions across West Africa.

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“WA-REMP is a transformative initiative that marks a new stage in the World Bank’s commitment to strengthening regional power system integration in West Africa,” said Franz Drees-Gross, World Bank Regional Infrastructure Director for Western and Central Africa.

“The program builds on the foundation established by the West African Power Pool (WAPP), a regional cooperative designed to improve energy access and security.

“WA-REMP aims to remove barriers to a fully functional regional power market by supporting critical infrastructure projects and regulatory institutions.”

Franz Drees-Gross, World Bank Regional Infrastructure Director for Western and Central Africa

The program is also aligned with the World Bank’s Mission 300 (M300) goal of providing electricity access to 300 million people in Sub-Saharan Africa by 2030.

The WA-REMP program will be implemented in multiple phases to ensure a comprehensive and sustainable approach to regional energy integration.

“This project aims to enhance power transmission capabilities between Ghana and Côte d’Ivoire, two of the most influential players in the West African energy market.

“The second key initiative under the first phase will expand electricity access in underserved areas of Mauritania, reinforcing the country’s national grid and enabling the development of renewable energy capacity.”

Franz Drees-Gross, World Bank Regional Infrastructure Director for Western and Central Africa

One of the program’s key objectives is to stimulate economic growth and job creation across West Africa. Improved access to reliable and affordable electricity is expected to catalyze industrial and commercial activity, creating opportunities for medium-sized enterprises and generating quality jobs.

Addressing Energy Deficits in West Africa

Electrifying-Africa
Electrifying-Africa

Despite its abundant natural resources, West Africa faces significant energy deficits, with millions of people lacking access to reliable electricity.

According to the World Bank, over 50% of the population in the region remains without electricity, hindering economic development and exacerbating poverty.

“The WA-REMP program seeks to address these challenges by enabling cross-border electricity trade, optimizing the use of regional energy resources, and strengthening power infrastructure.”

Franz Drees-Gross, World Bank Regional Infrastructure Director for Western and Central Africa

The program’s benefits will be felt not only at the household level but also across industries and public institutions, including schools and healthcare facilities.

Reliable energy access is essential for improving quality of life and fostering inclusive development, making the WA-REMP program a critical investment in the region’s future.

The World Bank’s approval of the WA-REMP program underscores its commitment to advancing sustainable development and energy security in West Africa.

By promoting regional power system integration and renewable energy development, the initiative offers a blueprint for building a more resilient, inclusive, and sustainable energy sector.

This program is not just about infrastructure; it is about creating a future where energy is a catalyst for growth, innovation, and environmental sustainability.

As the first phase of the WA-REMP program gets underway, it holds the promise of transforming the energy landscape of West Africa, empowering communities, and setting the stage for long-term prosperity.

It is a beacon of hope for millions of people across the region, proving that with the right investments and partnerships, a brighter, greener future is within reach.

REA ALSO: President Mahama Appoints Abdulai Bashiru Dapilah as Acting EOCO Executive Director

Tags: Electricity AccessInternational Development Association (IDA)renewable energyWest Africa EnergyWorld Bank (WB)
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