The African Petroleum Producers’ Organization (APPO) has stepped forward on its plans to launch an African Energy Bank (AEB).
The aim is to secure funding for the development of regional energy infrastructure, which will also provide energy security and sustainable development. Energy Voice reports.
Cote d’Ivoire said APPO would launch the AEB no later than June 30, 2024.
Benin’s Minister Seidou Adambi, corroborated that the organisation would help make Africa self-sufficient. “Without energy, there is no life. Today, we are doing everything we can to ensure that the African Energy Bank becomes a reality by June 30, 2024.”
The Orgaisation’s ministerial council noted it had negotiated the founding documents with Afreximbank.
APPO asked its secretary general, Omar Farouk Ibrahim, to submit a feasibility study, a business plan and a timeline by November 30.
There is a fixed deadline of March 31, 2024, to choose a host country for the bank. APPO’s council will hold an extraordinary session by the end of the first quarter to choose this.
In 2022, Afreximbank agreed to support the plans to find a “sustainable and balanced solution.” The aim is to find financing for oil and gas in Africa during the energy transition.