Africa Energy Bank starts with $5 billion in Abuja
By the AFREEQUE newsroom, based on ThisDay and Leadership
The Africa Energy Bank, with an initial authorised capital of $5 billion, has officially begun operations in Abuja, with Egypt’s Helmy Ghazi as its first president. Created to finance Africa’s energy value chain, it aims to meet investment needs estimated at $200 billion, according to Afreximbank.
The Africa Energy Bank (AEB), an institution created by Afreximbank and the African Petroleum Producers’ Organisation (APPO), has established its management in Abuja with an initial authorised capital of $5 billion. Egypt’s Helmy Ghazi was appointed its first president and an 18-member board of directors was installed, according to Afreximbank as cited by ThisDay.
The bank is to finance projects covering exploration, production, transport, processing, refining and energy distribution. It aims to address African investment needs estimated at $200 billion, as international lenders reduce their funding for hydrocarbon projects.
APPO brings together 18 African oil-producing countries, including Nigeria, Algeria, Angola, Egypt and South Africa. Nigeria has committed $100 million to the bank’s capitalisation. Its operational launch, initially scheduled for January 2025, had been delayed by disagreements over capital subscriptions and the conditions for its establishment.
The management’s establishment follows the creation of the Africa Energy Bank with $5 billion, announced on 31 October.
