APPO and Afreximbank Ink Establishment Agreement for Africa Energy Bank; Nigeria, Ghana, and Others Vying for Headquarters
In a significant stride towards bolstering Africa’s energy landscape, the African Export-Import Bank (Afreximbank) and the Africa Petroleum Producers’ Organisation (APPO) have formally signed the Establishment Agreement and the Charter of the Africa Energy Bank (AEB).
The momentous signing ceremony took place in Egypt, as disclosed in a statement released by Afreximbank.
The agreements were signed by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and Dr. Omar Farouk Ibrahim, Secretary-General of APPO, representing their respective institutions.
This milestone follows a Memorandum of Understanding signed in May 2022, marking the culmination of two years of meticulous negotiations and preparations.
Commenting on this landmark achievement, Prof. Oramah expressed profound significance, stating, “Today marks a historic day for our continent.” He emphasized the importance of addressing both the challenges of climate change and socio-economic stability, stressing Afreximbank’s pride in co-investing in the AEB and leading the advisory role in its management and implementation.
Dr. Omar Farouk Ibrahim reiterated the critical role of the AEB in tackling the funding challenges posed by the global energy transition to Africa’s oil and gas industry. He emphasized Africa’s imperative to maintain its energy independence while addressing the needs of its energy-deficient populations.
Related Posts
Adding to the chorus of commendation, Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, hailed the establishment of the AEB as a monumental achievement for the continent. He highlighted the collaborative spirit between Afreximbank and APPO as a testament to Africa’s unwavering commitment to sustainable energy development.
The establishment of the Africa Energy Bank heralds a new chapter in Africa’s quest for energy security and underscores the continent’s determination to chart its own path towards sustainable development. As the search for the AEB’s headquarters intensifies, countries like Nigeria, Ghana, and others vie for the privilege of hosting this transformative institution, poised to shape Africa’s energy future.
