Business
Africa Launches $5 Billion Energy Bank
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally established the Africa Energy Bank, a US$5 billion institution to finance oil and gas projects across the continent as Western lenders retreat from fossil fuels.
The bank addresses Africa’s estimated US$200 billion annual energy investment needs. It will fund exploration, production, refining and distribution while supporting a just energy transition. Oil and gas investment in Africa has fallen from US$68 billion in 2016 to about US$37 billion in 2025.
The bank’s inaugural meeting in Abuja appointed Helmy Ghazi as president and constituted its board. Nigeria won the right to host headquarters in July 2024, beating bids from Ghana, Benin, Algeria, South Africa and Côte d’Ivoire (Ivory Coast).
Afreximbank has approved a US$1.75 billion investment and cites partnerships with over 700 African banks in developing a commercially sustainable financing model. APPO has 18 member countries.
