Abuja [Nigeria], November 2: The African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organisation (APPO) have formally announced the establishment of the Africa Energy Bank (AEB), with authorised capital of $5 billion to finance projects across the energy value chain.
The announcement was made at the bank's inaugural general meeting in Abuja, Nigeria.
According to APPO, the bank will support projects covering exploration, production, transportation, processing, refining and distribution, with the aim of strengthening productive capacity, reducing dependence on imported petroleum products and promoting intra-African trade in energy goods.
The bank is being established as Africa's energy investment needs are estimated at $200 billion. It aims to bridge the sector's financing gap while supporting a just energy transition for African countries.
Source: Emirates News Agency
