Home » Africa Energy Bank Set Up to Reduce Dependence on Foreign Funding for Oil & Gas Projects
News North Africa

Africa Energy Bank Set Up to Reduce Dependence on Foreign Funding for Oil & Gas Projects

The African Petroleum Producers’ Organization (APPO) is putting the finishing touches to establish the Africa Energy Bank (AEB) that will offer alternative funding source for oil and gas projects on the continent after international financing institutions have started scaling back their funding, citing stringent conditions and environmental concerns.

Speaking at a recent Nigeria International Energy Summit (NIES) in Abuja, APPO’s Secretary General, Omar Farouk Ibrahim, explained that the drying investment in hydrocarbons posed a major challenge to the exploitation of fossil fuels on the continent, stressing that Africa has to take its destiny in its own hands. The AEB aims to attract investment from countries such as Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, while addressing the funding challenges of oil and gas projects caused by the paradigm shift from fossil energy to renewable energies in the era of the energy transition. African nations that are members of the APPO will collaborate with the Afreximbank, a pan-African multilateral trade finance institution, to launch the energy bank by the the end of 2023.

The bank’s key objective is to finance oil and gas operations in Africa in order to curb external financing, including from the World Bank, which typically has its limitations. “This is going to focus essentially on funding oil and gas projects on the African continent because the funds have dried,” the APPO’s chief said. Noting that Africa has always depended on foreign technology and expertise to produce the resource, Farouk pointed out that “shareholding shall be open to all African oil companies and their national companies as well as other investors.” However, he also stressed that “no sovereign outside of the African continent or any investor outside of Africa shall be allowed to participate who has no shared vision of the bank.”

Source: North Africa Post

Instagram

Instagram has returned empty data. Please authorize your Instagram account in the plugin settings .

Advertisement

Advertisement Small

Flickr

  • Arrosticini (Pastorie)
  • Sinagoga
  • Salumi
  • Ange (detail) - Jugement dernier (13ème s.) Basilica di S. Cecilia in Trastevere
  • A cappella
  • WeGil
  • Post-Tar
  • Merulana
  • Tram 19

ThemeForest

Collaboratively harness market-driven processes whereas resource-leveling internal or "organic" sources. Competently formulate.

Calendar

May 2024
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  

RSS Meks Blog

  • 10 Best Knowledge Base & Wiki WordPress Themes 2021 September 15, 2021
    Running a successful online business requires an exceptional WordPress knowledge base theme that organizes documentation and helps customers. Customization options, intuitive navigation, unique layouts, and fast responsiveness are just some of the features you need. The following 10 WordPress wiki themes represent the best options for 2021 and beyond. Explore the full range to determine […]
    Dusan Milovanovic
  • How to increase WordPress Memory Limit (quick fixes) June 16, 2021
    Here is a post about how to increase the memory limit in WordPress. Allowed memory size exhausted error message showed up in your WordPress installation? No worries – this is one of the most common errors in WordPress. You can apply an easy fix by increasing the memory limit in your PHP. Table of Contents […]
    Dusan Milovanovic
  • How to use (and why) WordPress sitemap plugin March 1, 2021
    Did you know that by knowing how to use the WordPress sitemap plugin you can significantly improve your site’s visibility and traffic? Although it isn’t mandatory to have a sitemap on your site, having one significantly improves the site’s quality, crawlability and indexing. All this is important for better optimization, which is why we wanted […]
    Ivana Cirkovic
  • 22 free and premium podcast software for your show [2021 edition] January 18, 2021
    You’re determined to start or improve your podcast but don’t know which podcast software to use to really make it stand out? We’ve got you! #podcasting Top 22 free and premium podcast software for your show #WordPressTips #podcasting The post 22 free and premium podcast software for your show [2021 edition] appeared first on Meks.
    Ivana Cirkovic
  • Digital storytelling with WordPress – an all-in-one guide to make your web stories pop! November 23, 2020
    Wondering how to improve digital storytelling with WordPress and build more awareness and exposure of your business? Let our guide lead the way. The post Digital storytelling with WordPress – an all-in-one guide to make your web stories pop! appeared first on Meks.
    Ivana Cirkovic
  • How to use WordPress autoposting plugin to improve your visibility and SEO? September 10, 2020
    Did you know you can use the WordPress autoposting plugin for your content efforts and improve not only your time management but your business and visibility as well? The post How to use WordPress autoposting plugin to improve your visibility and SEO? appeared first on Meks.
    Ivana Cirkovic
  • How to create a personal branding site? Step-by-step DIY guide August 15, 2020
    Looking for ways and means to create a personal branding site? Well, look no further ’cause we’re giving away all the how-to’s to do it yourselves! The post How to create a personal branding site? Step-by-step DIY guide appeared first on Meks.
    Ivana Cirkovic
  • Top 15 WordPress content plugins and tools to improve your visibility and rankings July 16, 2020
    Let’s take a look at some of the must-have WordPress content plugins and tools to use to improve both your UX and rankings. The post Top 15 WordPress content plugins and tools to improve your visibility and rankings appeared first on Meks.
    Ivana Cirkovic
  • WCEU 2020 recap – key takeaways from the biggest online WordPress conference June 9, 2020
    Missed WCEU 2020 and all the exciting stuff from there? Here are all the key takeaways and main points to remember so, take notes! The post WCEU 2020 recap – key takeaways from the biggest online WordPress conference appeared first on Meks.
    Ivana Cirkovic
  • How to change the WordPress username? An easy step-by-step guide May 14, 2020
    Wondering how can you change WordPress username once you set up your blog or site? Read all about it in our helpful guide! The post How to change the WordPress username? An easy step-by-step guide appeared first on Meks.
    Ivana Cirkovic

Text

Distinctively utilize long-term high-impact total linkage whereas high-payoff experiences. Appropriately communicate 24/365.