Hommam Al Nassim 
An agreement was signed in Egypt to establish the “African Energy Bank” with an initial capital of $5 billion, with the aim of developing energy resources on the African continent and providing financing for investment in the oil, gas and renewable energy sectors.
The agreement was signed between the African Petroleum Producers Organization (APPO) and the African Export-Import Bank (Afreximbank), ratified by the Egyptian Ministry of Petroleum, and approved by the Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, and the Secretary-General of the African Petroleum Producers Organization, Dr. Omar Farouk Ibrahim.
The Egyptian Minister of Petroleum, Tarek El Molla, stated that the establishment of the bank represents a fundamental step towards achieving independence in managing financial resources for energy projects, noting that the growing gap between African energy production and needs requires such constructive steps.
Al-Mulla added that the bank will work to enable African countries to overcome the financing obstacles that prevent the exploitation of the continent’s rich natural resources, stressing that renewable energies alone are not enough to meet the growing needs.
Each African member state of the bank has pledged a contribution of at least $83 million, for a total of about $1.5 billion, in addition to similar contributions from Afreximbank and APPO, with expectations of attracting additional investments of up to $2 billion from international investors, including sovereign wealth funds. from Middle East.
It is noteworthy that the African Petroleum Producers Organization (APPO) is concerned with supporting African oil-producing countries and enhancing cooperation between them. The agreement to establish it was signed in January 1987 in Lagos, Nigeria, and its headquarters is located in Brazzaville, Congo.
APPO currently includes 18 African countries and aims to enhance cooperation between these countries in the oil and gas sector, and enhance the sustainability of the oil and gas industry in Africa.
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