At the ongoing Africa Energy Week, Afreximbank Executive Vice President Haitham Elmayerji and African Petroleum Producers Organization (APPO) Secretary General Dr. Omar Farouk Ibrahim highlighted the importance of establishing the Africa Energy Bank (AEB). The bank is being set up to address the huge investment gap in Africa’s energy sector and ensure reliable electricity supply to millions of Africans.
Representatives from Afreximbank and APPO presented to investors and stakeholders the bank’s key proposition, progress made and the estimated annual funding needs of the African oil and gas sector of around US$31-50 billion. They said the AEB is close to successfully raising an initial capital of US$1.25 billion, indicating accelerated progress among member states.
Key developments include the signing and ratification of the founding agreement and charter, the selection of Nigeria as the host country, and the location of the bank’s headquarters. These steps are seen as important steps towards the operationalization of the AEB.
“African countries need to re-prioritize investment and deliver on their commitments. Africa has its own resources to finance its own development,” said Saint Heineken Lokpobiri, Secretary of State in the Ministry of Petroleum.
More than 600 million people in Africa still lack access to electricity. The AEB will play a transformative role in addressing this challenge, enabling Africa to finance its own projects, reduce its reliance on global funds, and achieve sustainable growth.
