Africa Energy Bank Gears Up for H1 2025 Launch
Speaking at the Congo Energy&Investment Forum in Brazzaville, Dr. Omar Farouk Ibrahim, Secretary General of APPO, reaffirmed the launch timeframe and underscored the urgency of establishing the bank to address the continent's energy needs.
"We should not rest and wait for other countries to develop our own projects,' he said, adding, "At APPO, we have noted three specific challenges for the African continent: finance, technology and reliable markets."
With an initial capital of $5 billion, the bank has allocated $1.5 billion for APPO member countries. It will primarily finance oil and gas projects, engage in trading and manage risks. Countries such as Ghana, Nigeria and Angola have already expressed support for the bank's objectives. The Republic of Congo has acquired $83.33 million in shares, reinforcing its commitment to the bank's mission.
Distributed by APO Group on behalf of Energy Capital&Power.
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