The Africa Energy Bank was formally established on October 31, 2026, with Egyptian banker Helmy Ghazi appointed as its inaugural president.
The development was announced in a joint statement by the African Export-Import Bank and the African Petroleum Producers’ Organisation.
The announcement was made at the Africa Energy Bank’s inaugural General Assembly held in Abuja, Nigeria, on Saturday.
Resolutions adopted at the meeting included the appointment of Helmy Ghazi as the Bank’s first president and the constitution of its inaugural Board of Directors.
The Board comprises representatives from the public and private sectors, alongside leading policy institutions across Africa.
According to the statement, the establishment of the Africa Energy Bank underscores African governments’ commitment to securing the continent’s energy future.
“This move is in recognition that significant investments in energy generation and transmission are required to accelerate industrial growth and leverage the tremendous opportunities presented by emerging technologies, particularly artificial intelligence (AI),” the statement partly reads.
According to the statement, the Bank is being established against the backdrop of Africa’s estimated $200bn energy investment needs.
It noted that traditional sources of short- and long-term financing for the continent’s energy sector were increasingly withdrawing funding from fossil fuel projects, despite the continued importance of oil and gas to Africa’s energy systems.
“The Africa Energy Bank aims to bridge this financing gap while supporting a just energy transition for African countries,” the statement partly reads.
The AEB is expected to function as an independent, supranational financial institution serving countries across Africa.
The Bank will also mobilise investments from governments, national oil companies, financial institutions and private investors to finance energy development projects across the continent.
