Finishing touches have been put in place by the African Petroleum Producers Organization (APPO) to set up the Africa Energy Bank. The aim of the project is to establish a financial institution that can help fund oil and gas operations in Africa with less foreign aid
This development was made known by the APPO general secretary, Dr. Omar Farouk Ibrahim in Abuja, the venue of the sixth edition of the Nigeria International Energy Summit (NIES). Dr. Ibrahim stated that the bank will be launched at the end of the year and members of the Petroleum Producers’ Organisation from Africa will team up with African Export-Import Bank to make it a reality.
The secretary-general while delivering his goodwill message at the event made it known that the process of establishing the bank with cooperation between APPO and Afreximbank had reached an advanced stage. He stated that the main focus of the bank will be to provide funds for the oil and gas sector to flourish as there is a heavy decline in funds in the sector.
Dr. Omar Farouk Ibrahim disclosed that information regarding the location of the headquarters and a launch date will be made soon. The organization, through this project, hopes to secure investment from nations that possess high stakes in the development of oil and gas like Qatar, Saudi Arabia, United Arab Emirates, and Kuwait.
The project which was mentioned last year in Luanda, the capital of Angola at the ninth African Petroleum Congress and Exhibition, will tackle the numerous constraints that national oil and gas firms face.
