The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally announced the establishment of the Africa Energy Bank, a new pan-African financial institution intended to finance energy projects across the continent.
The announcement was made during the Bank’s inaugural general meeting in Abuja, Nigeria, on October 31, 2026.
With authorised capital of $5 billion, the institution aims to address Africa’s energy financing gap at a time when investment needs are estimated at $200 billion.
The initiative comes as traditional international lenders increasingly withdraw funding from fossil fuel projects, despite oil and gas remaining important to many African economies.
The Africa Energy Bank is expected to help fill that gap while supporting what its founders describe as a just energy transition that takes account of the continent’s development needs.
Its financing will cover the entire energy value chain, including exploration and production, transportation, processing, refining and distribution.
The investments are intended to strengthen domestic production, reduce dependence on imported petroleum products and expand trade in energy resources between African countries.
The Bank will operate as an independent, supranational pan-African financial institution, seeking investment from governments, national oil companies, financial institutions and private investors.
Its establishment also reflects a broader ambition to give African governments and businesses greater control over the continent’s energy development, particularly as demand for electricity and other energy infrastructure grows alongside industrialisation and emerging technologies such as artificial intelligence.
During the inaugural general meeting, members appointed Helmy Ghazi as the Bank’s first president and established its first Board of Directors.
The board brings together representatives from the public and private sectors, alongside policy institutions from across Africa.
The founders say the institution will help mobilise African capital and strengthen the continent’s participation in its own energy sector.
