The African Energy Chamber (AEC) Supports Africa Energy Bank, Bridging Africa’s Energy Financing Gap

Launched by the African Export-Import Bank (Afreximbank) in partnership with the African Petroleum Producers’ Organization (APPO), the Africa Energy Bank – set to commence operations by March 2025 – represents a bold step towards empowering African nations to take control of their energy future. The African Energy Chamber (AEC) (https://EnergyChamber.org/), as the voice of Africa’s energy sector, proudly endorses the AEB, a landmark institution designed to revolutionize energy financing across the continent.

By mobilizing significant investment and fostering energy independence, the Bank will play a pivotal role in bridging the financing gap, unlocking the full potential of Africa’s energy resources and driving industrial and economic growth across the continent. Showcased during African Energy Week: Invest in African Energies 2024 in Cape Town, the AEB is designed to address the continent’s persistent energy financing challenges by enabling the transition from crude oil exports to value-added energy development.

In his keynote address, Dr. Benedict Oramah, President of Afreximbank, underscored the urgent need for Africa to take charge of its energy future by closing financing gaps and harnessing its vast natural resources to develop value-added industries. He highlighted the establishment of the Africa Energy Bank, with an initial $5 billion authorized capital, as a critical step in mobilizing investment for energy projects, fostering economic growth and ensuring energy security while advancing Africa’s energy transition. Dr. Oramah called for strong African ownership, innovative financing, and collaboration among stakeholders to transform the continent’s energy sector and reduce reliance on external actors.

With the Chamber’s official endorsement, the AEB aims to empower African countries to capitalize on their energy resources, create jobs and accelerate industrialization by transforming the energy value chain. The institution is structured to ensure African ownership and control, making it a critical tool for addressing the continent’s energy security, economic development and climate objectives.

“The Africa Energy Bank represents a game-changing solution for Africa’s energy sector. By providing much-needed capital, the Bank will help African countries unlock their vast resources, strengthen energy sovereignty and drive transformative growth. We are proud to support this initiative, which aligns closely with our mission to eradicate African energy poverty by 2030,” states NJ Ayuk, Executive Chairman of the AEC.

The AEB’s strategic partnerships with governments, financial institutions and energy stakeholders will enable large-scale investments in renewable and traditional energy projects, supporting the continent’s transition to cleaner energy sources while addressing immediate energy access needs. The AEC’s endorsement underscores its commitment to fostering strategic partnerships, sustainable investment and regional cooperation, ensuring that Africa’s energy future is shaped by Africans for the benefit of the continent and its people.

Distributed by APO Group on behalf of African Energy Chamber.