Afreximbank and APPO Establish Africa Energy Bank

Afreximbank and the African Petroleum Producers’ Organisation (APPO) have established the Africa Energy Bank (AEB), announced at its inaugural general meeting in Abuja. With authorised capital of US$5 billion, the bank will support projects across the energy value chain, from exploration and production to processing, refining and distribution. It aims to help fill Africa’s estimated US$200 billion energy investment gap and support a just transition as traditional financing for fossil fuels declines. The meeting appointed Helmy Ghazi as the bank’s inaugural president and formed its first board of directors.