Launch of the African Energy Bank: APPO Executive Council Speeds Up the Process

Created in 2022 by the African Petroleum Producers’ Organization (APPO), the African Energy Bank (AEB) could become operational in the very near future. Recently meeting in Kintélé, the APPO Executive Council decided to accelerate the process to ensure the bank’s launch within the planned timeframe.

The 24th ordinary session of the APPO Executive Council, coupled with the organization’s preparatory meeting, brought together eighteen African member countries of this platform. During the sessions, the Executive Council reviewed activities carried out in recent times and assessed future prospects to ensure the smooth functioning of the structure. Among the key topics discussed, members debated the implementation project of the AEB. Experts resolved to fast-track the process initiated a few years ago so that the bank could be operational as soon as possible. The file will be submitted for approval at the APPO Heads of State Summit, which is set to convene shortly and will validate its official launch.

Once operational, the AEB will finance the construction and production of energy infrastructure on the continent, with the aim of boosting regional development. “We reviewed the key areas and prepared for the APPO Heads of State Summit to take stock of the Secretariat’s achievements. We also addressed the start-up of the African Energy Bank,” emphasized APPO Secretary General Dr. Omar Farouk Ibrahim.

With adequate funding, the AEB will primarily finance oil and gas projects, as well as other initiatives aimed at improving energy production and access to quality energy across the African continent. It was established to fund the exploitation of Africa’s energy resources, with a focus on prioritizing the domestic market to counter the threats of the energy transition on African economies.

The goal of the project, reiterated the APPO Secretary General, is to reduce Africa’s financial and technical dependence on the outside world, thereby ensuring autonomy in the sector. Welcoming the session held in Brazzaville, the President of the Council of Ministers of APPO member countries noted that most of last year’s objectives had been achieved. He encouraged members of the Executive Council to remain committed: “I would like to encourage you, once again, to continue working collaboratively and intelligently to improve our organization’s performance. APPO must keep evolving and becoming increasingly professional to adequately contribute to the socio-economic development of our member countries,” urged Bruno Jean Richard Itoua.

He also took the opportunity to inform members of the Executive Secretariat that construction of APPO’s headquarters in Brazzaville is now 90% complete.

APPO is an intergovernmental organization that aims to promote cooperation among African oil-producing countries. Its main objective is to foster collaboration, knowledge-sharing, and expertise, while strengthening the collective bargaining power of its members in the global oil industry. Founded on January 27, 1987, in Lagos, Nigeria, by eight African countries, APPO now counts 18 member states.