African Energy Bank starts operations to fund oil and gas
The African Energy Bank, set up by Afreximbank and the African Petroleum Producers' Organisation, began operations on Thursday with authorised capital of $5 billion (around R82 billion). Egyptian banker Helmy Ghazi is its first president.
Afreximbank said in a statement that the bank shows African governments are determined to secure their own energy future. It said older lenders to the continent's energy sector are leaving fossil fuel finance, even though oil and gas stay vital. The new bank aims to fill that gap while supporting a just energy transition.
Rutendo Hwindingwi of Tribe Africa Advisory said Nigeria won the right to host the headquarters. She said it beat Ghana, Benin, Algeria, South Africa and Cote d'Ivoire. She added that the bank will link to about 700 banks across Africa.
Hwindingwi said $5 billion is still a drop in the ocean against the continent's estimated energy investment needs of $200 billion.
Key facts
- Who
- Helmy Ghazi (inaugural president of the African Energy Bank); Rutendo Hwindingwi (Tribe Africa Advisory representative); African Export–Import Bank (established the African Energy Bank, issued statement); African Petroleum Producers' Organisation (co-established the African Energy Bank)
- What
- The African Energy Bank, established by Afreximbank and the African Petroleum Producers' Organisation, has formally started operations to finance oil and gas projects across Africa, with Egyptian banker Helmy Ghazi as inaugural president. Nigeria was chosen as its headquarters, according to Tribe Africa Advisory's Rutendo Hwindingwi.
- When
- 5 November 2026
- Where
- Nigeria, Ghana, Benin
- Status
- Reported