Out of an almost record lending total of $9.445 billion, over two-thirds of the World Bank Group’s energy financing for FY14 was concentrated in regions facing the largest energy deficits – Sub-Saharan Africa and South Asia. It was also another very strong year for Bank Group renewable energy financing with a total of $3.6bn in investments.
“If we are to end extreme poverty, we must tackle energy poverty,” said World Bank Senior Director for Energy & Extractives Anita Marangoly George. “With 1.2 billion people still living without electricity across Sub-Saharan Africa and South Asia, it’s clear where our work will be focused for the foreseeable future. Our priority is to find the cleanest energy solutions to meet local needs in the smartest ways possible.”
Ms George said Bank Group energy financing for low-income (or IDA) countries, at $4.62bn in FY14, was (in absolute terms) the highest ever – double the highest level the Bank Group has previously provided for IDA countries. Grants and credits provided through IDA exceeded total energy lending for middle-income countries, at $2.167bn, for the second year running.