Africa creates $5 billion energy bank as Western financing retreat forces continent to rethink how it funds oil and gas
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organisation (APPO) have formally established the Africa Energy Bank, a $5 billion institution designed to finance oil and gas projects across the continent as traditional lenders scale back funding for fossil fuels.
By Adekunle AgbetiloyeSouth Africa
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Male worker inspecting long steel pipes and a pipe elbow in a station oil factory. Photo Credit: Chitsanupong / Adobe Stock
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About this article
- Length
- 21 words · 1 min read
- Published
- November 2, 2026
- Byline
- Adekunle Agbetiloye
- Source
- Business Insider