Helmy Ghazi, formerly Deputy CEO of HSBC Bank Egypt, was appointed as the bank’s first President. The inaugural Board of Directors, comprising members from public and private sectors as well as policy institutions across Africa, was seated during the same meeting. According to APPO Secretary General Farid Ghezali, the bank will begin financing projects in early 2027 using a corridor-based model. The initial phase will focus on ten flagship projects, with Nigeria, Angola, and Libya identified as target markets.
The establishment of the AEB responds to a significant shift in global financing, where traditional lenders are stepping back from oil and gas investments despite Africa’s continued reliance on hydrocarbons for economic growth. Afreximbank and APPO estimate the continent’s total energy investment needs at $200 billion. In a joint statement, the organizations stated that the bank’s creation “reaffirms African governments’ determination to secure their own energy future” and ensures that Africa’s energy trajectory is shaped by African institutions and investors.
The bank’s mandate includes promoting intra-African energy trade, reducing reliance on imported petroleum products, and supporting a just energy transition. While the AEB will fund upstream oil and gas activities, it will also support clean cooking, domestic power generation, and infrastructure required to support industrial growth and emerging technologies such as artificial intelligence. The institution will seek investment from governments, national oil companies, financial institutions, and private investors.
NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), welcomed the launch, stating, “For too long, Africa has been told which of its resources it is allowed to develop and who will be willing to pay for it. The Africa Energy Bank changes the conversation.” The AEC has championed the creation of such an institution since 2024, viewing it as a decisive response to external pressures on African energy investment.
The AEB operates as an independent, supranational pan-African financial institution. Its launch coincides with broader moves toward African-led energy finance, including recent commitments by Afreximbank to underwrite facilities for major regional energy players. The bank’s operational start in early 2027 marks the next milestone in formalizing this financial architecture.
