The African Petroleum Producers Organization (APPO) and the African Export-Import Bank (Afrexim Bank) have signed the establishment agreement of the African Energy Bank (AEB) with a seed capital of $5 billion, as per a statement.

As per the agreement, the AEB is an independent bank for the development of energy resources in Africa.

The bank aims to bridge the increasing financing gap in the African oil and gas sector and back investment across all renewable energies.

This move ensures energy security in Africa amid challenges embodied in the inability of obtaining such resources.

It is worth noting that the signing was witnessed by the Minister of Petroleum and Mineral Resources Tarek El Molla.

El Molla stressed that access to energy financing is fundamental for developing energy resources in the continent to ensure energy security and control the gap between supply and demand.

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