African Lenders Launch 5B Energy Bank
African financial institutions have officially established a five billion dollar energy bank to support oil, gas, and power projects. The new institution aims to address critical investment needs as traditional lenders scale back fossil fuel funding.
The African Export-Import Bank and the African Petroleum Producers Organisation established the Africa Energy Bank with $5 billion in authorized capital on Saturday afternoon. The new institution bridges a financing gap as traditional lenders withdraw fossil fuel funding. The bank targets a $120 billion asset base to support continental energy systems.
