2023-11-06 13:31:00
An African Energy Bank is being planned by the African Petroleum Producers Organization (APPO) to finance the exploitation of oil and gas resources on the continent. The meeting of the APPO council of ministers held in Cotonou projected the launch of the future Bank for June 2024.
The least polluting continent, Africa is nevertheless suffering the ravages of climate change. While the oil industry is one of the causes, the continent does not intend to do without this economic potential. What to do then in a context of international reluctance to finance fossil fuel projects ? This is the issue at the heart of the project for an African energy bank supported by APPO.
The leaders of the Organization approved the creation of this African bank to increase private sector investment in African oil and gas projects. To do this, it should turn to the Gulf countries to find financing that national oil companies in Africa lack.
New decisions taken in Cotonou
Africa in general and APPO member countries in particular are full of enormous untapped oil and gas reserves. The African Energy Bank will be launched in partnership with AFREXIMBANK (African Export-Import Bank).
The Cotonou meeting chaired by the Beninese Minister of Energy, Water and Mines, in his capacity as current president of the APPO, brought together ministers and heads of delegation from 16 member countries of the Organization.
“In terms of the oil and gas industry, we are working to make our continent self-sufficient. Without energy, there is no life. Today, we are doing everything we can to ensure that the African Energy Bank becomes a reality by June 30, 2024.”said Samou Séidou Adambi, at the end of the work. Several other important decisions were also taken during this council of ministers. The date of March 31, 2024 was chosen for the holding of an extraordinary session during which the headquarters of the future bank should be retained.
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