African financial institutions have launched a $5 billion Africa Energy Bank to finance oil and gas projects, as the continent looks to cut its expensive reliance on imported fuel. Soaring global energy prices this year have squeezed government budgets, and several countries have unveiled plans for new oil and gas fields or domestic refineries. Yet those ambitions arrive as borrowing costs climb and infrastructure needs grow. The African Export-Import Bank and the African Petroleum Producers’ Organisation estimate Africa needs about $200 billion in energy investment every year. The new institution aims to address this gap by supporting projects across the energy value chain, including exploration, production, refining and distribution. Its establishment also reflects growing efforts by African governments to strengthen control over domestic energy resources and develop infrastructure capable of supporting their long-term energy needs.