The African Energy Bank attracts investors: 45% of its initial capital subscribed

The African Energy Bank (AEB), whose creation was officially ratified last June, has already mobilised 45% of its initial capital, estimated at 5 billion dollars. This major step forward was announced by Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organisation (APPO), at the Angola Oil & Gas 2024 conference last week.

The first contributors to this initiative are Angola, Nigeria and Ghana, underlining the commitment of the continent's major oil economies to the success of this ambitious project. Headquartered in Abuja, the BAE will finance strategic projects in the oil, gas and energy sectors across Africa.

The next crucial step for the Bank will be the meeting of ministers from APPO member countries, scheduled for 1 November, at which the official launch date of the institution will be set. This launch will mark a new era in the financing of African energy infrastructure, with significant impacts on the development of the sector.

APPO member states, including Algeria, Angola, Benin, Cameroon, Chad, Congo, Democratic Republic of Congo, Côte d'Ivoire, Egypt, Ghana, Equatorial Guinea, Gabon, Libya, Namibia, Niger, Nigeria, Senegal and South Africa, are expected to contribute at least $83 million.

In addition, further contributions are expected from the APPO itself and the African Export-Import Bank, while sovereign wealth funds from the Middle East are expected to provide financial support of around $2 billion. These funds will enable BAE to play a key role in transforming Africa's energy landscape, increasing energy independence and accelerating investment in infrastructure vital to the continent's economic growth.