Fuel / NEWS UPDATE
Africa Launches Its Own Oil Bank as Western Lenders Retreat
Published · 1 min read
Africa has established the Africa Energy Bank (AEB) to finance oil and gas projects, as Western banks and development lenders have reduced their involvement due to climate commitments.
The bank, launched in Abuja, aims to mobilize up to $10 billion in financing and will cover the entire energy value chain. Its initial capital is around $500 million, with plans to fund at least three projects in 2027, focusing on regional refineries and pipelines.