Afreximbank and the African Organization of Petroleum Producers officially established the African Energy Bank on Saturday, October 31, in Abuja, Nigeria, with an authorized capital of 5 billion dollars, according to their joint statement.
The first general assembly appointed Helmy Ghazi as the first president of the bank and established its board of directors. The institution is presented as a pan-African supranational and independent financial entity, tasked with mobilizing capital from states, national oil companies, financial institutions, and private investors.
Ivory Coast is participating in this inaugural governance. The Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, current president of the pan-African oil organization, was elected head of the general assembly for one year, reports Sika Finance.
The new bank must finance projects covering exploration, production, transportation, processing, refining, and distribution. Its promoters also assign it the objective of reducing dependence on imported petroleum products and developing energy trade between African countries.
Afreximbank and the oil organization estimate the continent’s energy investment needs at $200 billion. Reuters has confirmed that the bank intends to fill part of the financing gap caused by the gradual withdrawal of several traditional lenders from hydrocarbon-related projects.
The project dates back to a memorandum of understanding signed in May 2022. Afreximbank and the oil organization signed the establishment agreement and the bank’s charter in June 2024, prior to handing over its headquarters in Abuja to the promoters in February 2026.
Sika Finance announces operational launch on January 4, 2027. The new institution is to be presented beforehand at the International Extractive and Energy Resources Fair, scheduled from November 18 to 22, 2026, at the Abidjan Exhibition Center according to the official event schedule.
