The Africa Energy Bank (AEB) has been formally established, with Egyptian banker Helmy Ghazi appointed as its inaugural president, marking a major step towards mobilising financing for Africa’s energy sector.
The bank’s establishment was announced on October 31, 2026, in a joint statement by the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO).
The announcement followed the institution’s inaugural general meeting in Abuja, Nigeria, where members appointed Ghazi and constituted the bank’s first Board of Directors.
The board comprises representatives from the public and private sectors, as well as policy institutions across the continent.
The Africa Energy Bank is being established against the backdrop of estimated energy investment needs of $200 billion across the continent.
According to the joint statement, African countries require substantial investment in energy generation and transmission to accelerate industrialisation and take advantage of opportunities created by emerging technologies, including artificial intelligence.
However, traditional sources of financing for Africa’s energy sector have increasingly withdrawn from fossil fuel projects, creating a funding gap for countries where oil and gas remain important components of energy supply and economic activity.
The bank is designed to help bridge that gap while supporting a just energy transition tailored to African countries’ circumstances.
Its establishment also reflects efforts by African governments and institutions to mobilise more domestic and continental capital for energy development.
The Africa Energy Bank is a proposed $5 billion financial institution conceived by APPO and jointly supported by Afreximbank.
It is expected to operate as an independent, supranational, pan-African financial institution, attracting capital from governments, national oil companies, financial institutions and private investors.
The funds are intended to support energy projects across Africa, particularly as conventional international financiers become more selective about funding oil and gas developments.
Afreximbank had approved $1.7 billion towards the institution’s establishment, according to a report published in 2024.
The bank’s ability to mobilise additional capital and deploy it effectively will be critical to its success in financing projects across the continent.
APPO has 18 member countries, all of which produce oil or gas, or both.
Nigeria had previously announced plans to operationalise the bank in Abuja, with efforts to establish the institution continuing from 2024.
Before his appointment, Ghazi served as Deputy Chief Executive Officer and Managing Director, Head of Global Banking, at HSBC Bank Egypt.
He has more than 25 years of banking experience, with expertise spanning global banking, customer relationships, business growth, talent development and risk management.
His experience in international banking and financial markets is expected to be relevant as the Africa Energy Bank seeks to attract investors and build relationships with governments, energy companies and financial institutions.
His immediate task will include helping establish the bank’s operational framework and positioning it to mobilise and channel funding into Africa’s energy sector.
The formal establishment of the institution represents an important milestone. Its ultimate impact, however, will depend on its ability to raise the capital required, structure bankable projects and provide financing that meets Africa’s energy needs while supporting sustainable and inclusive development.
