APPO engages PWC on Energy Bank set-up
Sopuruchi Onwuka
The Africa Petroleum Producers Organization (APPO) is in talks with global management consultants for effective take-off of the African Energy Bank.
The organization which coordinates policy and programme alliance among oil and gas producers in the continent reached an understanding with Price Water Coopers (PWC) on establishment of management processes for the new investment finance bank.
The Oracle Today learnt that the Secretary General of APPO, HE Dr Omar Farouk Ibrahim, formally engaged PWC with a memorandum of understanding (MOU) that assigned a set-up role for activation Africa Energy Bank operations.
Dr Farouk Ibrahim had earlier in keynote presentations he delivered at the Africa Energy Week (AEW) conference in Cape Town, South Africa, provided excited delegates with updates on the establishment of the bank.
He pointed at positive cash call responses from APPO member countries to indicate high prospects that the much expected bank will roll out it’s services to the industry by early 2025.
While hinting that Nigeria remains in the lead of members that have made contributions towards the capital base of the bank, Dr Farouk said APPO was working closely other countries in meeting their cash call obligations for establishment of the bank.
He made it clear that the bank remains the most critical instrument required in the group’s campaign to sustain petroleum project financing in the continent.
The Energy Bank comed in response to closing financing windows for fossil fuel projects at global debt markets under the prevailing global campaign for climate action.
Dr Farouk declared the Energy Bank represents the will of African governments to take responsibility for achieving energy independence and security. He said the governments of the continent demands just and equitable transition which, he emphasized, must not leave any region in acute energy supply deficit.
In highlighting the crucial role of energy in solving Africa’s economic and social challenges, he made it clear that petroleum project financing has become not just necessary but also urgent in pursuing energy security for the continent.
He emphasized the need for the Energy Bank to begin work as early as possible, adding that all the structures necessary for the bank to begin operations have been installed.
He told The Oracle Newspapers exclusively that PWC has been engaged in an MOU to design management and operational modalities for imminent and smooth takeoff of the bank.
The MOU was supposed to be signed in Cape Town on the sidelines of Africa Energy Week holding in South Africa.
