Which seven African countries are in the running to host the African Energy Bank ?

The creation of the African Energy Bank is the result of collaboration between the African Organization of Petroleum Producers, representing the continent's oil-producing states, and the African Export-Import Bank. Its primary objective is to provide financial support for initiatives in the oil and gas sector in Africa, in response to the challenges posed by the limited financing opportunities of recent years.

Several countries, including Algeria, Benin, Egypt, Nigeria, South Africa, Ghana and Côte d'Ivoire, are in the running to host the headquarters of this new financial institution, according to the Ecofin economic news agency. The choice of location will be made this month, while the bank's operational set-up must be completed by June 30, as indicated by the S&P analysis agency.

To kick-start its activities, the African Energy Bank plans to mobilize initial financing of $5 billion from African signatories, international investors and Middle Eastern states. Its mandate is to catalyze energy development on the African continent by investing in various projects, including those in the private sector. The initiative is spearheaded by the African Organization of Petroleum Producers, a group of 18 countries headquartered in Brazzaville, capital of the Republic of Congo.

Nigeria is also expressing interest in hosting another major financial project in Africa, the African Central Bank, due to be launched by 2028. Last February, Nigerian President Bola Tinubu proposed that the country's capital, Abuja, be the headquarters of this institution. According to the African Union's website, the African Central Bank aims to establish a common monetary policy and a single African currency, with a view to fostering the continent's economic integration.