New Africa Energy Bank to Launch with $5 Billion for Oil, Gas Projects

The proposed Africa Energy Bank, focusing on oil and gas ventures across the continent, is set to kick start later this year, with an initial authorized capital of $5 billion. 

The bank, a partnership between Afreximbank and the African Petroleum Producers Organization (APPO), is meant to help plug a funding gap in Africa amid pressure on major banks from environmental groups to shift investment dollars away from climate-warming oil and gas projects.

 Each African member country is expected to contribute a minimum of $83 million for a total of around $1.5 billion.