FEATURE : ENERGY new institution and serve as its founding members , with Afreximbank acting as co-investor and providing organisational support .
The African Energy Bank will be able to reach more countries than either APPO or Afreximbank could do on its own , as their rosters are not identical . APPO has 15 member states , while Afreximbank has 51 ; there is a significant amount of overlap , as Algeria and Libya are the only APPO members that are not also Afreximbank members , but the point remains that if the two institutions join forces , their combined efforts will go further .
Afreximbank has said it is committed to launching the new financial institution next year . With each member organisation paying US $ 5 million per budgeted share , he stated , the bank will be able to help cover the cost of establishing regional energy infrastructure .
The African Energy Bank will then be able to help African oil-producing member-states to take advantage of the over 125-billion-barrel reserves of oil and that of the over 75 trillion cubic feet of gas that we have on the African continent .
Professor Benedict Oramah , President of Afreximbank , explained it as , “ For us at Afreximbank , supporting the emergence of African Energy Bank will enable a more efficient and predictable capital allocation between fossil fuels and renewables . It will also free human and other resources at Afreximbank that will make it possible to support its member countries more effectively in the transition to cleaner fuels .” p
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