The Africa Energy Bank, aimed at funding oil and gas projects across the continent, is set to begin operations by mid-2025. A partnership between Afreximbank and the African Petroleum Producers Organization, the bank seeks to bridge Africa’s funding gap in energy amid growing environmental pressures on traditional banks.
Headquartered in Nigeria, with an initial capitalization of up to $5 billion, the bank will offer tailored financing solutions for the continent’s energy needs. Afreximbank Senior Executive Vice President, Denys Denya, confirmed that the bank is in the capital-raising phase and hopes to start trading before mid-year. Countries such as Angola, Egypt, Nigeria, Ghana, and South Africa have shown interest in joining the initiative.
Source: Energy Ghana