$5bn Africa Energy Bank Launches in Abuja to Fund Energy Projects

The Africa Energy Bank has formally begun operations in Abuja, Nigeria, four years after African petroleum ministers first approved its creation. The launch was announced on Saturday, October 31, 2026, by the African Export-Import Bank and the African Petroleum Producers’ Organisation during the bank’s inaugural general meeting.

The new $5 billion financial institution is designed to fund oil, gas and other energy projects across Africa. Its backers say it will help African countries finance energy infrastructure, strengthen energy security and support industrial growth without relying wholly on external financiers.

Egyptian banker Helmy Ghazi has been appointed as the bank’s pioneer president. The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting efforts to reduce dependence on imported petroleum products.

The bank’s establishment comes as international lenders and investors increasingly withdraw from fossil-fuel projects under climate-related pressure. African producers have argued that this shift threatens their ability to develop energy resources and expand electricity access.

The idea for the bank emerged in May 2022, when APPO ministers meeting in Luanda, Angola, adopted a resolution to establish it. Afreximbank subsequently joined as a strategic partner, and the two institutions signed the Establishment Agreement and Charter in June 2024.

Afreximbank and APPO estimated Africa’s energy investment requirements at $200 billion. The bank’s authorised capital of $5 billion represents 2.5 per cent of that estimated requirement, highlighting the scale of additional financing needed.