Afreximbank and the African Petroleum Producers' Organisation say the new bank will finance oil and gas projects as traditional lenders pull back from fossil fuels.

Published 2 Nov 2026, 06:26 GMT

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Afreximbank and APPO have set up the $5bn Africa Energy Bank to fund oil and gas. Ghana was among the first members to pay its capital contribution.

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The African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organisation (APPO) have formally established the Africa Energy Bank, with authorised capital of $5 billion.

Ghana, an APPO member, was among the first three countries to pay their capital contributions, alongside Nigeria and Angola, APPO Secretary General Omar Farouk Ibrahim said last year.

Their payments covered 44 per cent of the minimum APPO members needed to launch the bank. The amount Ghana paid has not been disclosed.

The energy bank's first general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as its first president and formed its first board of directors, Afreximbank said in a statement on Saturday.

It will finance projects across the energy chain, from exploration and production to refining and distribution.

The bank aims to fill the gap left as traditional lenders withdraw from fossil fuels, while oil and gas remain central to Africa's energy systems.

Africa's energy investment needs are estimated at $200 billion, according to the announcement.

The bank has targeted an asset base of $120 billion, Reuters reported earlier. South Africa has shown interest in joining, although it is not an APPO member.

Ghana Pays Early as $5 Billion Africa Energy Bank Is Set Up to Fund Oil and Gas

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