The African Export-Import Bank and the African Petroleum Producers' Organisation have formally established the Africa Energy Bank, according to a statement from Afreximbank on Saturday. 

The bank, which has authorised capital of $5-billion, aims to bridge a financing gap as traditional lenders withdraw funding from fossil fuels, even as oil and gas remain central to Africa's energy systems.

The bank's inaugural general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as its first president and formed its first board of directors.

The continent's energy investment needs are estimated at $200-billion, according to the announcement.

The bank will support projects across the energy value chain, including exploration and production, refining and distribution.

Reuters reported in February 2025 that the bank was targeting a mid-year 2025 launch, with South Africa indicating interest in joining despite not being an APPO member.

The bank would target an asset base of $120-billion, Reuters reported earlier.