A Coalition of Oil-producing African Countries is Seeking $5bn to Launch an “Energy Bank”
A conference on boosting the informal economy in Dar es Salaam with diverse participants.
The 18-member African Petroleum Producers’ Organization hopes the lender can begin operating in early 2025, according to Haytham El Maayergi, executive vice-president of global trade at the African Export-Import Bank, a partner in the project. The African Energy Chamber, an advocacy group, has argued that Africa has the “sovereign right” to develop its natural resources — which according to the group includes 125bn barrels of oil and 620tn cubic feet of natural gas — in a “balanced and sustainable” manner. The 18 countries in the Africa Energy Bank project, which include Nigeria, Angola and Libya, are each being asked to contribute $83mn, raising almost $1.5bn. This would be matched by the African Export-Import Bank.