AfrElec: World Bank launches $1.4bn programme to transform Ethiopia's electricity sector

In a bid to bolster Ethiopia's electricity network, enhance financial sustainability in the sector, and foster renewable energy generation through private sector involvement, the World Bank has announced the launch of the Power Sector Reform, Investment and Modernisation in Ethiopia (PRIME) programme.

Ethiopia, despite strides in electrification over the past decade, grapples with the third-largest energy access deficit in sub-Saharan Africa, leaving nearly half of its population without reliable electricity. This predicament exacerbates poverty, hindering socio-economic progress and stifling opportunities for countless individuals.

"With the goal of substantially improving the quality of electricity service, increasing generation from renewable resources, and mobilising private capital, PRIME is expected to make a significant contribution towards modernising and strengthening the Ethiopian power sector. This is essential to sustain the country's fast pace of electrification," stated Ousmane Dione, World Bank Country Director for Ethiopia, Eritrea, South Sudan and Sudan.

If you would like to read more about the key events shaping the African energy sector, then please click here for NewsBase's AfrElec Monitor.