The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) have formally established the Africa Energy Bank, a new institution designed to finance energy projects across the continent.
Afreximbank announced the development on Saturday, following the bank’s inaugural general meeting in Abuja, Nigeria.
With an authorized capital of $5bn, the institution is expected to help address Africa’s energy financing needs as traditional international lenders reduce their exposure to fossil fuel projects, despite the continued importance of oil and gas to the continent’s energy supply.
The meeting appointed Helmy Ghazi as the bank’s first president and approved the formation of its inaugural board of directors.
The bank is expected to provide financing across the energy value chain, covering exploration and production, refining and distribution.
Afreximbank and APPO said Africa’s energy investment requirements are estimated at about $200bn, highlighting the scale of funding needed to develop the sector.
The establishment of the bank follows several years of preparations. According to reports in 2025 the institution was targeting a launch by the middle of that year. South Africa had also expressed interest in joining, although it is not a member of APPO.
Earlier reports indicated that the proposed institution was targeting an asset base of $120bn as it sought to become a major source of funding for energy development in Africa.
