- Afreximbank and the African Petroleum Producers Organization are working together to establish the African Energy Bank.
- Investment in the energy sector in Africa is a crucial issue for the continent’s economic development.
Afreximbank and the African Petroleum Producers Organization (APPO) are working together to establish the African Energy Bank. This multilateral institution aims to provide sustainable financing for Africa’s energy sector, emphasising African control and origin.
The president of the African Export-Import Bank (Afreximbank) stressed the importance of securing support from member states to contribute to the bank and ensure its success adequately. He also highlighted the role of the African Energy Bank in shaping the continent’s energy landscape, drawing on strategic partnerships with African and international financial institutions.
Investment in the energy sector in Africa is a crucial issue for the continent’s economic development. During the 7th International Energy Summit in Nigeria, the Afreximbank president highlighted the importance of the financing provided by the bank, particularly in the oil and gas sector.
With over $30 billion invested, Afreximbank has played a major role in financing energy projects in Africa, with Nigeria as one of the main beneficiaries. However, the president highlighted that the continent lacked traditional energy infrastructure, which provided an opportunity to transition to more sustainable technologies.
Furthermore, the decision concerning the choice of the host country of the African Energy Bank will be taken by the end of the first quarter of 2024, according to the Secretary General of APPO. This initiative aims to strengthen the continent’s energy capacities and accelerate its transition to more sustainable energy sources.