Finance

African Energy Bank to Launch Operations in January 2025

African Energy Bank to Launch Operations in January 2025
Thursday, 07 November 2024 11:29

To meet Africa's energy and climate goals by 2030, the IEA estimates that over $200 billion in yearly investments will be needed to address the continent's rising energy demands.

The African Energy Bank (AEB) is set to begin operations on January 28, 2025, according to a statement from the Nigerian government. This announcement followed the 19th board meeting of the African Petroleum Producers’ Organization (APPO) held on October 30 in Yaoundé, Cameroon.

Established in June 2024 by APPO in partnership with Afreximbank, AEB aims to support financing for African oil, gas, and possibly renewable energy projects. The institution was created with an initial capital of $5 billion, targeting Africa’s energy shortfall by tapping into the continent’s substantial oil and natural gas reserves.

Nigeria’s Minister of Petroleum, Nicholas Agbo Ella, confirmed that construction of AEB’s headquarters in Abuja is nearly complete, with the inauguration planned for January 2025. Nigeria has already contributed $69.12 million toward the bank’s capital, he added.

APPO’s Secretary-General, Dr. Omar Farouk Ibrahim, noted that 50% of the funds needed to start AEB operations are already secured. He urged member countries to continue their contributions to ensure the bank’s timely launch.

Access to energy remains a critical issue across Africa. According to the International Energy Agency (IEA), 600 million people on the continent lack electricity. Achieving Africa’s energy and climate goals by 2030 will require over $200 billion in annual investments.

On the same topic
• IMF extends Niger’s Extended Credit Facility (ECF) program by one year through December 2026.• IMF approves a $41 million disbursement tied to...
EBRD grants $100 million loan to Banque Misr to expand credit access for SMEs and women-led businesses. Loan supports Egypt’s green finance...
UTB’s restructuring delayed to end-2026 due to incomplete audits; reorganization plan expected by March. Despite a CFA 15.2B injection, the bank...
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
03

• The U.S. imposed a 20% tariff on cashew exports from Vietnam and a 40% tax on suspected transshipm...

U.S. Tariffs on Vietnam Cashews May Disrupt Trade, Hit African Growers (Interview)
04

Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 mil...

Cauri Money Targets Cameroonian Diaspora with Digital Wallet Launch
05

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.