More ratification underway for Africa Energy Bank
Sopuruchi Onwuka
African Petroleum Producers Organization (APPO) is pushing significant progress with the establishment agreement and ratification of the African Energy Bank.
In a passionate speech delivered on the opening of AOW 2024, Dr Farouk Ibrahim called on African stakeholders to come together towards a prosperous African energy future.
According to the Secretary General, Dr. Omar Farouk Ibrahim, arrangements are in top gear for several member countries to ratify the establishment of the bank which is conceived to address project financing funding challenges in the industry.
He explained that the organization’s efforts to establish the African Energy Bank are to counter the withdrawal of traditional financiers from African oil and gas projects due to climate change concerns.
Nigeria has been selected to host the bank’s headquarters, further solidifying the commitment of APPO members to taking control of their energy destinies, he noted.
With Abuja selected to host the headquarters of the future African Energy Bank, Dr. Omar Farouk Irabhim expressed optimisms that all key treaties and agreements towards the establishment of the bank would be signed by the end of the year.
He called on sustained support for the project to ensure Africa provides sufficient capital and financing for the development of its energy sector.
