Afreximbank, APPO establish Africa Energy Bank

By Ojoma Akor

African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) have announced the establishment of the Africa Energy Bank (AEB).

The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.

Afreximbank said in a statement that creating the Africa Energy Bank reaffirms African governments’ determination to secure their own energy future.

It said this move recognizes that significant investments in energy generation and transmission are required to accelerate industrial growth and leverage the tremendous opportunities from emerging technologies, particularly artificial intelligence (AI).

“The Bank is being established at a time when the continent’s energy investment needs are estimated at US$200 billion. Traditional providers of short- and long-term financing to Africa’s energy sector are withdrawing funding from fossil fuels, even as oil and gas remain vital to the continent’s energy systems. The Africa Energy Bank aims to bridge this financing gap while supporting a just energy transition for African countries.

“With an authorized capital of US$5 billion, the AEB will support projects across the energy value chain, including exploration and production, transportation, processing, refining, and distribution. These investments are intended to strengthen productive capacity, reduce reliance on imported petroleum products, and promote intra-African trade in energy goods. The Bank’s mandate also includes promoting strong African participation in the continent’s energy sector to ensure that Africans shape Africa’s energy future,” the statement said.

The AEB will operate as an independent, supranational pan-African financial institution. It will seek to attract investments from governments, national oil companies, financial institutions, and private investors to support energy development across the continent.

Resolutions passed at the first general assembly included appointing the Bank’s inaugural President,  Helmy Ghazi, and forming its first Board of Directors, comprising members from the public and private sectors as well as leading policy institutions from across the continent.