Africa Energy Bank to Open With $5 Billion Equity This Quarter
The long-planned Africa Energy Bank will start operations this quarter with $5 billion in equity from member nations and shareholders, said Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri.
The lender, a joint venture between Afreximbank and the member countries of the African Petroleum Producers Organisation, is projected by shareholders to have as much as $120 billion in assets within the next five years, he told a conference in Lagos on Tuesday.
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