Ivorian Minister of Mines, Petroleum and Energy Mamadou Sangafowa-Coulibaly has been elected president of the General Assembly of the African Energy Bank for a one-year term.

The election took place on October 31, 2026, in Abuja, Nigeria, during the institution’s constitutive meeting, marking a key step in the establishment of the new pan-African financial institution.

Created through an initiative of the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO), the African Energy Bank aims to mobilize funding for energy projects across the continent, particularly in the oil and gas sector.

The institution is expected to support investments throughout the energy value chain, including exploration, production, transportation, storage and refining, at a time when access to international financing for fossil fuel projects is becoming increasingly constrained.

Côte d’Ivoire’s election to lead the General Assembly reflects its involvement in the negotiations that led to the bank’s establishment and its role in advancing the initiative within the APPO framework.

The bank has an authorized capital of $5 billion and will be headquartered in Abuja. Its establishment is part of broader efforts by African countries to strengthen domestic financing capacity and mobilize resources for the development of the continent’s energy sector.