By: Energy capital & power

The African Energy Bank (AEB) is set to commence operations in June 2025. This announcement follows the finalization of key arrangements during the Council of Ministers of the African Petroleum Producers Organization (APPO) on April 3, 2025.

With a capital of $5 billion, the AEB, a collaborative effort between Afreximbank and APPO, aims to address the financing gap in Africa’s energy sector focusing on oil and gas projects. The bank’s headquarters will be located in Abuja, Nigeria, with the Nigerian government contributing $100 million to its capital. Other nations, including Angola and Ghana, have also fulfilled their capital commitments, bolstering the bank’s financial foundation.

Bruno Jean Richard Itoua, Minister of Hydrocarbons of the Republic of Congo and current President of APPO, said, “It is essential to hold the bank’s first general assemblies as soon as possible to appoint the directors, the Board of Directors, and the Director General. We intend to rely on the experience of Afreximbank, which is a regional bank. With the commitments from all sides, we are confident that we will reach the minimum required to start by June.”