The Africa Energy Bank (AEB) – signed into implementation in June – has secured 45% of its estimated $5 billion starting capital.

Announced by Secretary General of the African Petroleum Producers Organization (APPO) Omar Farouk Ibrahim on the sidelines of the Angola Oil & Gas 2024 conference last week, initial financial backers of the bank include Angola, Nigeria and Ghana.

With a mission to fund oil, gas and energy projects across the continent, the bank will be headquartered in Abuja, with the respective ministers from APPO member countries set to meet on November 1 to finalize the AEB’s official launch date.

APPO member states include Algeria, Angola, Benin, Cameroon, Chad, the Republic of the Congo, the Democratic Republic of the Congo, Ivory Coast, Egypt, Ghana, Equatorial Guinea, Gabon, Libya, Namibia, Niger, Nigeria, Senegal and South Africa, which are expected to contribute a minimum of $83 million to the bank.

APPO and pan-African financial institution the African Export-Import Bank are expected to match the amount with Middle Eastern sovereign wealth funds set to fund approximately $2 billion.