The African Export-Import Bank (Afreximbank) and the African Petroleum Producers' Organization (APPO) have formally launched the Africa Energy Bank, a financial institution focused on oil and gas projects across the continent, with authorized capital of US$5 billion.

The bank will support projects across the energy value chain, from exploration and production to transportation, processing, refining and distribution, and has a mandate to reduce reliance on imported petroleum products and promote intra-African trade in energy goods. The new lender is private-sector-led, with majority ownership held by APPO and Afreximbank. Its inaugural general meeting in Abuja, Nigeria, on October 31 appointed Helmy Ghazi as president and formed its first board of directors, with members from the public and private sectors and policy institutions.