Long a destination for donor funding from developed nations, African financial institutions are beginning an initiative to create their own energy transition, survival game plan, writes NJ Ayuk from the African Energy Chamber. The creation of the African Energy Bank is one such initiative taking place in 2024. African Energy BankIn May 2022, the African Export-Import Bank, Afreximbank signed an agreement with the African Petroleum Producers Organisation, APPO on the joint establishment of a special multi-lateral financial institution, the African Energy Bank, to provide support for the shift away from fossil fuels. The African Energy Bank will be able to reach more countries than either APPO or Afreximbank could do on its own, as their rosters are not identical. Professor Benedict Oramah, President of Afreximbank, explained it as, “For us at Afreximbank, supporting the emergence of African Energy Bank will enable a more efficient and predictable capital allocation between fossil fuels and renewables.

Source: The North Africa Journal December 23, 2023 10:55 UTC