Afreximbank, APPO establish Africa Energy Bank

Afreximbank, APPO establish Africa Energy Bank.

Afreximbank, APPO establish Africa Energy Bank African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organisation (APPO) have established the Africa Energy Bank (AEB).

The post Afreximbank, APPO establish Africa Energy Bank appeared first on Vanguard News .

By Emma Ujah, Abuja Bureau Chief African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have established the Africa Energy Bank (AEB).

The announcement was made during the AEB’s inaugural general meeting held in Abuja yesterday. According to Afreeximbank in a statement, “The creation of the Africa Energy Bank reaffirms African governments’ determination to secure their own energy future. “This move is in recognition that significant investments in energy generation and transmission was required to accelerate industrial growth and to leverage the tremendous opportunities from the emerging technologies, particularly Artificial intelligence (AI).” It added, “AEB is being established at a time when the continent’s energy investment needs are estimated at US$200 billion. “Traditional providers of short- and long-term financing to Africa’s energy sector are withdrawing funding from fossil fuels, even as oil and gas remain vital to the continent’s energy systems.

MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Vanguard Business.