The African Export-Import Bank and the African Petroleum Producers’ Organisation have formally established the Africa Energy Bank, according to a statement from Afreximbank on Saturday.
The bank, which has authorised capital of $5 billion, aims to bridge a financing gap as traditional lenders withdraw funding from fossil fuels, even as oil and gas remain central to Africa’s energy systems.
- The bank’s inaugural general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as its first president and formed its first board of directors
- The continent’s energy investment needs are estimated at $200 billion, according to the announcement
- The bank will support projects across the energy value chain, including exploration and production, refining and distribution
- Reuters reported in February 2025 that the bank was targeting a mid-year 2025 launch, with South Africa indicating interest in joining despite not being an APPO member
- The bank would target an asset base of $120 billion, Reuters reported earlier
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