Creation of the African Energy Bank: Africa equips itself to finance its own projects

Meeting in Abuja on October 31, 2026, the 18 member countries of the African Petroleum Producers’ Organization and Afreximbank officially established the African Energy Bank after four years of preparation. With authorized capital of $5 billion, the bank is intended to finance projects across the energy value chain, from exploration to distribution, helping Africa make better use of its resources and reduce energy imports. Ivorian minister Mamadou Sangafowa-Coulibaly was elected to lead the bank’s General Assembly for a one-year term, and Egyptian Helmy Ghazi was appointed its director. The institution aims to address investment needs estimated at $200 billion as international lenders scale back their commitments to hydrocarbons.