African lenders formally establish $5 billion energy bank

The African Export-Import Bank and the African Petroleum Producers’ Organisation have ​formally established the Africa Energy Bank, ‌according to a statement from Afreximbank on Saturday.

The bank, which has authorised capital ​of $5 billion, aims to bridge a ​financing gap as traditional lenders withdraw ⁠funding from fossil fuels, even ​as oil and gas remain central to ​Africa’s energy systems.

• The bank’s inaugural general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as ​its first president and formed ​its first board of directors
• The continent’s energy investment ‌needs ⁠are estimated at $200 billion, according to the announcement
• The bank will support projects across the energy value chain, including exploration ​and production, ​refining ⁠and distribution
• Reuters reported in February 2025 that the bank was ​targeting a mid-year 2025 launch, ​with ⁠South Africa indicating interest in joining despite not being an APPO member
• The ⁠bank ​would target an asset ​base of $120 billion, Reuters reported earlier