African oil-producing countries planning to start a $5 billion Africa Energy Bank (AEB) in 2025 have raised 45 percent of the startup capital.
Bunmi AdulojuAfrican oil-producing countries planning to start a $5 billion Africa Energy Bank in 2025 have raised 45 percent of the startup capital.
The bank aims to fill a funding gap caused by traditional investors shifting from crude oil to low-carbon energy. According to the publication on Thursday, Omar Farouk Ibrahim, secretary-general of the African Petroleum Producers Organisation , said Angola, Nigeria, and Ghana, are among initial financial backers of the bank.
Ibrahim, while speaking on the sidelines of the ongoing Angola Oil and Gas conference in Luanda, said the countries had raised the funds before its legal establishment.The secretary-general said Africa’s petroleum ministers will meet on November 1 to finalise the launch date of the bank that will be headquartered in Nigeria.
“We have come a long way. I believe we are the first development bank to progress from conceptualisation to near fruition in just over two years,” he said.a memorandum of understanding with APPO to establish the bank.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Climate Watch: Africa’s investment in renewable energy must increase fivefold by 2030, says Simon StiellNigeria's independent online newspaper
Read more »
Access Bank partner energy stakeholders to achieve net-zero emissionsA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Read more »
Tackle financial needs in Africa – Cardoso tells World Bank, IMFThe Governor of the Central Bank of Nigeria, Olayemi Cardoso has told the World Bank and International Monetary Fund to be more responsive in addressing the financial needs of African countries.
Read more »
GTCO’s Guaranty Trust Bank Named Best Bank for Corporate Social Responsibility in Nigeria by EuromoneyGuaranty Trust Bank Ltd (“GTBank,” or “the Bank”), flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa, has been named Best Bank in Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024.
Read more »
NBBF/Zenith Bank Women’s Basketball League: Titans stun Customs, First Bank extends winning streakThe top four teams from each conference will converge in Lagos for the showdown, scheduled to take place at the National Stadium from 13 to 19 October.
Read more »
NBBF/Zenith Bank Women’s Basketball League: MFM, First Bank dominate Atlantic ConferenceThe competition is heating up, with teams vying for a spot in the final in Lagos.
Read more »