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Africa Energy Bank Will Ignore Demands To Give Up Fossil Fuels

The newly created African Energy Bank will ignore demands that Africa give up fossil fuels by the Western nations. A joint initiative of the African Petroleum Producers Organization (APPO) and Afreximbank, it will begin operations in early 2025 with an initial capital of $5 billion. The bank will finance energy projects including hydrocarbons and coal, projects which the West is beginning to deny Africa financing.

Dr. Omar Farouk Ibrahim, APPO Secretary-General, told Sputnik, “We are not focused on reducing the use or exploitation of fossil fuels at this time. We are committed to producing all forms of energy that we can get to rid our continent of energy poverty. We are at the same time doing this in the best possible way such that we do it in an environmentally friendly way.”

Ibrahim argued that the same countries that are pressuring Africa to give up fossil fuels utilized fossil fuels for their own industrialization and development.

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