Afreximbank and APPO create African Energy Bank

The African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organisation (APPO) announced the creation of the African Energy Bank (AEB) on Saturday, 31 October 2026.

The announcement was made at the bank's first general assembly in Abuja, Nigeria, according to a statement from Afreximbank, which Algérie Eco reported.

According to the statement, energy investment needs in Africa are estimated at 200bn US dollars (USD). Traditional lenders are withdrawing from financing fossil fuels, the statement said, even though oil and gas remain essential to the continent's energy systems.

The bank aims to fill this funding gap while supporting a fair energy transition for African countries.

The bank has an authorised capital of 5bn US dollars (USD). It will support projects across the whole energy chain, including exploration and production, transport, processing, refining and distribution.

The aim is to reduce dependence on imported petroleum products and to increase trade in energy products within Africa.

According to the statement, the bank will be an independent, pan-African financial institution. It will seek investment from governments, national oil companies, financial institutions and private investors to support energy development across the continent.

The stories do not say how Algeria, or Algerians living abroad, will take part in the bank.

The assembly also named Helmy Ghazi as the bank's first president, and it formed the first board of directors.

The first board includes members from the public and private sectors, and from leading institutions in public policy across the continent.

"The creation of the African Energy Bank confirms the determination of African governments to secure their own energy future," the statement said.

According to the statement, large investment was needed to drive industrial growth and benefit from emerging technologies, in particular artificial intelligence (AI).