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Helmy Ghazi named pioneer president
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From Uche Usim
The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally established the Africa Energy Bank (AEB), with an authorised capital of $5 billion, to finance energy projects across the continent.
The bank was formally announced at its inaugural general meeting, held in Abuja on Saturday, 31 October 2026.
The initiative is aimed at addressing Africa’s huge energy financing needs, estimated at $200 billion, amid declining funding from traditional international financiers for fossil fuel projects.
Afreximbank and APPO said the new institution would bridge the financing gap and support African countries in developing their energy resources while pursuing a fair transition to cleaner energy.
The bank will finance projects across the energy value chain, including oil and gas exploration and production, transportation, processing, refining and distribution.
Its investments are also expected to boost local refining capacity, reduce Africa’s dependence on imported petroleum products and promote trade in energy products among African countries.
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The promoters said the institution would strengthen African ownership and participation in the continent’s energy industry, ensuring that its energy future was increasingly shaped by Africans.
The Africa Energy Bank will operate as an independent, pan-African financial institution, attracting investments from governments, national oil companies, financial institutions and private investors.
At the inaugural general meeting, members appointed Mr Helmy Ghazi as the bank’s pioneer president and constituted its first Board of Directors.
The board comprises representatives from the public and private sectors, as well as leading policy institutions across Africa.
The meeting was attended by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; the Afreximbank President, Dr George Elombi; and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly.
The establishment of the bank comes as African countries seek alternative sources of funding for energy infrastructure, particularly as international lenders increasingly shift investments away from fossil fuels.
Despite growing calls for a transition to cleaner energy, oil and gas remain important to Africa’s energy supply, industrial development and economic growth.
