Economic experts and producers on the continent have officially established the Africa Energy Bank.
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) have formally announced the establishment of the new Africa Energy Bank (AEB).
The announcement was made during the Africa Energy Bank (AEB)’s inaugural general meeting held in Abuja, Nigeria, on the 31st of October 2026.
The creation of the Africa Energy Bank reaffirms determinations of the governments on the continent to secure their own energy future.
This move is in recognition that significant investments in energy generation and transmission was required to accelerating industrial growth and to leveraging the tremendous opportunities from the 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 Africa Energy Bank 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 Africa Energy Bank’s mandate also includes promoting robust African participation in the continent’s energy sector to ensure that Africa’s energy future is shaped by Africans.
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 the appointment of the Bank’s inaugural President, Mr Helmy Ghazi, and the formation of its first Board of Directors, comprising members from the public and private sectors as well as leading policy institutions from across the continent.
