Africa: $5 Billion Bank Created to Finance Oil and Gas

Afreximbank and the African Petroleum Producers’ Organization established the African Energy Bank (AEB) at its first general assembly in Abuja, Nigeria, on October 31, 2026. With authorized capital of $5 billion, it will finance the energy value chain, from oil and gas exploration to distribution, as Africa’s energy investment needs are estimated at $200 billion. The bank aims to boost energy production, reduce reliance on imported petroleum products, support a just energy transition, and expand intra-African energy trade. Helmy Ghazi was appointed the independent pan-African institution’s first president.