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Afreximbank and APPO Establish the Africa Energy Bank in Abuja
Afreximbank and APPO establish the Africa Energy Bank in Abuja to finance energy projects across the continent.
Key points
- The Africa Energy Bank has an authorised capital of US$5 billion.
- Afreximbank said Africa's energy investment needs are estimated at US$200 billion.
- Helmy Ghazi was appointed the bank's inaugural President at the first general assembly.
Why it matters. The bank aims to bridge a financing gap left by traditional lenders withdrawing from fossil fuels, while supporting a just energy transition for African countries, Afreximbank said.
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organisation (APPO) established the Africa Energy Bank (AEB), announced at its inaugural general meeting in Abuja yesterday. The bank has an authorised capital of US$5 billion and will fund projects across the energy value chain, from exploration and production to refining and distribution.
Latest updates
Afreximbank and APPO Establish the Africa Energy Bank in Abuja
Afreximbank and the African Petroleum Producers' Organisation have established the Africa Energy Bank. The announcement was made at the bank's inaugural general meeting in Abuja. Afreximbank said the move reflects African governments' determination to secure their own energy future. The statement argues that significant energy investment is needed across the continent. Further details on capitalisation and membership were not included in the report.