The Africa Energy Bank opened its doors on October 31, emerging after four years of development and a 20-month delay. With an authorized capital ceiling of $5 billion, the bank has mobilized an initial $500 million, including significant contributions from Nigeria and Afreximbank. Helmy Ghazi, previously the deputy CEO of HSBC Bank Egypt, will serve as the bank’s first president, overseeing a mandate that spans the entire energy value chain from exploration to transmission.
Africa Launches Energy Bank to Counter Western Divestment
Afreximbank and the African Petroleum Producers’ Organization have formally established the Africa Energy Bank in Abuja, creating a dedicated financial vehicle to fund oil and gas projects abandoned by Western lenders. The institution aims to secure energy sovereignty for a continent where 600 million people still lack electricity.
While private capital currently flows into African climate tech—which captured $1.2 billion in 2025—fossil fuel projects face a widening financing gap. The new bank intends to fill this void, targeting three major infrastructure projects for 2027. By providing an alternative to the conditional lending of Western institutions and the resource-backed "Angola Model" favored by Chinese state banks, the Africa Energy Bank seeks to ensure that regional governments dictate their own pace for a just energy transition.
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