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$5bn Africa Energy Bank Launches to Fund African Energy Projects

02 November 20261 min
Submitted by: BizCommunity Editor
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$5bn Africa Energy Bank Launches to Fund African Energy Projects
Smoke rises at the Natref oil refinery, South Africa’s only inland crude oil refinery, near Sasolburg in the Free State. Image credit: Reuters/Siphiwe Sibeko/File Photo

The bank, which has authorised capital of $5bn, aims to bridge a financing gap as traditional lenders withdraw funding from fossil fuels, even as oil and gas remain central to Africa’s energy systems.

At its inaugural general meeting in Abuja, Nigeria, the bank appointed Helmy Ghazi as its first president and formed its first board of directors.

The announcement estimated the continent’s energy investment needs at $200bn.

The bank will support projects across the energy value chain, including exploration and production, refining, and distribution.

Reuters reported in February 2025 that the bank was targeting a mid-year 2025 launch, with South Africa indicating interest in joining despite not being an APPO member.

The bank would target an asset base of $120bn, Reuters reported earlier.

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