Oil & Gas

The Africa Energy Bank (AEB) has officially launched in Abuja, Nigeria, with $5 billion in authorized capital from Afreximbank and APPO. The bank aims to finance oil and gas projects across Africa as traditional lenders reduce funding for fossil fuels.

The bank will support projects in exploration, production, transportation, refining and distribution. It aims to increase local energy production, reduce dependence on imported petroleum products and strengthen trade between African countries.

The AEB will operate as an independent pan-African financial institution, attracting investments from governments, oil companies and private investors. At its first general meeting on October 31, Helmy Ghazi was appointed as the bank’s first president, and its initial board of directors was formed.