African lenders formally establish $5 billion energy bank

The African Export-Import Bank and the African Petroleum Producers’ Organisation have ​formally established the Africa Energy Bank, ‌according to a statement from Afreximbank on Saturday.

The bank, which has authorised capital ​of $5 billion, 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. The bank’s inaugural general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as ​its first president and formed ​its first board of directors The continent’s energy investment ‌needs ⁠are estimated at $200 billion, according to the announcement The bank will support projects across the energy value chain,…