The African Petroleum Producers Organisation (APPO) recently announced that it has decided to give funding of five billion dollars to the development of an African Energy Bank (AEB) to develop all oil and gas assets across oil-producing member countries.
The Secretary of APPO, Dr Omar Ibrahim revealed that the bank will be established with the collaboration of Afreximbank.
The News Agency of Nigeria (NAN) reports that Dr Omar Ibrahim disclosed this at a news conference held at the ongoing 24th World Petroleum Congress(WPC) on Monday in Calgary, Canada.
Omar explained that the establishment of the bank would solve issues revolving around funding oil and gas projects.
He further stated that the AEB will help cover the gap if foreign countries from other countries stop funding the oil and gas industry here in Africa.
According to NAN, Ibrahim said that the establishment of the bank will assist investors who think Africa needs all forms of available energy for the future to eradicate poverty in the continent.
He said that the bank will also accommodate other energies in the future.
Read more: https://www.investingport.com/boost...o-to-invest-5-billion-in-african-energy-bank/