The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally announced the establishment of the Africa Energy Bank (AEB) and named Helmy Ghazi as its inaugural president.
The announcement was made at the bank’s inaugural general meeting in Abuja on Oct. 31, 2026.
The meeting also approved the appointment of the bank’s first board of directors, drawn from the public and private sectors and policy institutions across Africa.
The directors’ names were not immediately available.
The Nigeria-based bank is being established as Africa’s energy investment needs are estimated at $200 billion. Investment in power generation and transmission is needed to support industrial growth and meet demand from emerging technologies such as artificial intelligence.
Traditional lenders are scaling back financing for fossil fuel projects even as oil and gas remain central to Africa’s energy systems.
The bank aims to fill that financing gap while supporting a just energy transition across the continent.
With authorised capital of $5 billion, the bank will finance projects across the energy value chain, from exploration and production to transport, processing, refining and distribution.
It aims to expand local production capacity, reduce reliance on imported petroleum products, promote trade in energy products within Africa and increase African participation in the sector.
The bank will operate as an independent, supranational financial institution and seek investment from governments, national oil companies, financial institutions and private investors.
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