An African Energy Bank has now been created to provide financing for hydrocarbon development in Africa in the face of credit being denied by Western financial institutions because of the so-called energy transitions out of hydrocarbons. First proposed by the African Petroleum Producers Organization (APPO) in May of 2022, the charter of the bank was signed in June of this year and Nigeria was chosen on July 4 to host the bank in Abuja, which will open for business in September.
The bank is a joint venture between APPO and its member states and the African Export-Import Bank (Afreximbank). The member states of APPO include Algeria, Angola. Benin, Cameroon, Chad, Republic of Congo, Democratic Republic of Congo, Côte d’Ivoire, Egypt, Equatorial Guinea, Gabon, Ghana. Libya, Namibia, Niger, Nigeria , Senegal, and South Africa.
