The African Energy Chamber (AEC) has stated that it “proudly endorses” the Africa Energy Bank (AEB), a landmark institution designed to revolutionize energy financing across the continent.
Launched by the African Export-Import Bank (Afreximbank) in partnership with the African Petroleum Producers’ Organization (APPO), the Africa Energy Bank is set to commence operations by March 2025.
This, according to AEC, represents a bold step towards empowering African nations to take control of their energy future.
By mobilizing significant investment and fostering energy independence, the Bank will play a pivotal role in bridging the financing gap, unlocking the full potential of Africa’s energy resources and driving industrial and economic growth across the continent.
Essentially, AEB is designed to address the continent’s persistent energy financing challenges by enabling the transition from crude oil exports to value-added energy development.
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In his keynote address, Dr. Benedict Oramah, President of Afreximbank, underscored the urgent need for Africa to take charge of its energy future by closing financing gaps and harnessing its vast natural resources to develop value-added industries.
He highlighted the establishment of the Africa Energy Bank, with an initial $5 billion authorized capital, as a critical step in mobilizing investment for energy projects, fostering economic growth and ensuring energy security while advancing Africa’s energy transition.
Dr. Oramah called for strong African ownership, innovative financing, and collaboration among stakeholders to transform the continent’s energy sector and reduce reliance on external actors.
With its official endorsement, the African Energy Chamber noted that “the AEB aims to empower African countries to capitalize on their energy resources, create jobs and accelerate industrialization by transforming the energy value chain”.
It stressed that the institution is structured to ensure African ownership and control, making it a critical tool for addressing the continent’s energy security, economic development and climate objectives.
“The Africa Energy Bank represents a game-changing solution for Africa’s energy sector. By providing much-needed capital, the Bank will help African countries unlock their vast resources, strengthen energy sovereignty and drive transformative growth.
“We are proud to support this initiative, which aligns closely with our mission to eradicate African energy poverty by 2030,” said NJ Ayuk, Executive Chairman of the AEC.
