The African Energy Bank (AEB) will be launched in June this year, announced Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua.
“Fundraising is underway, with several countries having already made their contributions. It is crucial to quickly hold the bank’s first general assemblies to appoint the board of directors, the administrative council, and the CEO,” said Itoua.
“We intend to build on the experience of Afreximbank (the African Export-Import Bank), which is a regional bank. With the commitments already made, we are confident we will reach the minimum capital required to begin operations in June,” he added.
With an initial capital estimated at around 3,000 billion CFA francs, the AEB aims to finance oil and gas projects across the continent, at a time when foreign investment in fossil fuels is becoming increasingly scarce.
