Energy and oilUpdated November 2

Africa Energy Bank launches with $5B in authorized capital.

The Africa Energy Bank was formally launched by the African Export-Import Bank and the African Petroleum Producers’ Organization, with $5 billion in authorized capital. But the figure sits beside a far larger estimate: the two organizations say Africa needs $200 billion a year in energy investment. The bank is meant to help bridge that financing gap, with oil and gas central to its rationale as many major Western lenders retreat from fossil-fuel projects. It will support projects from exploration and production through refining and distribution.

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Coverage started October 31