Afreximbank on Saturday said the Africa Energy Bank has been legally created by the African Export-Import Bank and the African Petroleum Producers’ Organization.
Even while oil and gas continue to be essential to Africa’s energy infrastructure, the bank, which has authorized capital of $5 billion, seeks to fill a financial gap as traditional lenders stop backing fossil fuels.
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Helmy Ghazi was named the bank’s first president and its first board of directors at its first general meeting, which took place in Abuja, Nigeria.
The continent’s energy investment needs are anticipated to be $200 billion. The bank will assist projects at every stage of the energy value chain, including production, distribution, refining, and exploration.
In February 2025, the bank was aiming for a mid-year 2025 launch, with South Africa expressing interest in joining despite not being an APPO member. The bank would aim for an asset base of $120 billion, according to earlier reports.
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