The African Energy Chamber (AEC) Supports Africa Energy Bank, Bridging Africa’s Energy Financing Gap
The African Energy Bank, launched by the African Export-Import Bank (Afreximbank) in partnership with the African Petroleum Producers Organization (APPO), will begin operations in March 2025 and represents a bold step for African countries to increase their control over their energy. Energy future. African Energy Chamber (AEC) (https://EnergyChamber.org/), as the voice of Africa’s energy sector, is proud to support the AEB, a landmark institution that aims to revolutionize energy financing across the continent.
By mobilizing significant investment and promoting energy independence, the Bank will play a key role in closing the financing gap, unlocking the full potential of Africa’s energy resources, and driving industrial and economic growth across the continent. Presented during Africa Energy Week: Investing in African Energy 2024 in Cape Town, AEB aims to address the continent’s ongoing energy financing challenges by enabling a shift from crude oil exports to value-added energy development.
In his keynote address, Dr. Benedict Olama, President of the African Export-Import Bank, emphasized the urgent need for Africa to take control of its energy future by closing the financing gap and developing value-added industries using its abundant natural resources. He emphasized that the establishment of the African Energy Bank, with an initial authorized capital of US$5 billion, is a key step in mobilizing investment in energy projects, promoting economic growth, ensuring energy security, and promoting Africa’s energy transformation. Dr Orama called for strong African ownership, innovative financing and collaboration among stakeholders to transform the continent’s energy sector and reduce dependence on external players.
Officially endorsed by the Chamber of Commerce, the African Energy Council aims to help African countries make the most of their energy resources, create jobs and accelerate industrialization by transforming the energy value chain. The agency is structured to ensure African ownership and control, making it an important tool in addressing the continent’s energy security, economic development and climate goals.
“The African 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 transformational growth. We are proud to support this an initiative that is closely aligned with our mission to end energy poverty in Africa by 2030,” said AEC Executive Chairman NJ Ayuk.
AEB’s strategic partnerships with governments, financial institutions and energy stakeholders will enable large-scale investment in renewable and conventional energy projects, supporting the continent’s transition to clean energy while addressing current energy access needs. The African Economic Community’s recognition underlines its commitment to promoting 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 the African Energy Chamber.
