African Energy Bank established to boost continental energy sovereignty

The African Energy Bank (AEB) has been formally launched during its constitutive general assembly in Abuja, Nigeria. Established through a collaboration between the African Petroleum Producers Organization (APPO) and Afreximbank, the bank is endowed with an authorized capital of $5 billion. Its primary objective is to support the full energy value chain, from exploration and production to distribution, while fostering intra-African trade and reducing reliance on foreign oil products. Designed as an independent supranational institution, the AEB aims to bridge a $200 billion funding gap by attracting investments from governments, national oil companies, and private investors. Helmy Ghazi has been appointed as the first president of the bank, supported by a newly formed board of directors.