The African Petroleum Producers’ Organization (APPO) has assured the Africa Energy Bank will begin operations by July this year.
The bank’s key objective is to finance oil and gas operations in Africa to curb external financing, including from the World Bank, which typically has its limitations.
It 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.
The ministerial council of the African Petroleum Producers’ Organization had earlier approved the take-off of the Bank in the First half of 2024.
So far seven countries namely Ghana, Egypt, Nigeria, Benin Republic, Côte d’Ivoire, South Africa and Algeria have been shortlisted to host the headquarters of the bank.
Speaking in an exclusive interview with Asaase News, the secretary general of APPO, Dr Omar Farouk Ibrahim said the countries will be scaled down to three to fastrack the selection process.
“Ghana is still in the race just like six other countries … the selection committee will meet next week and we will know how many countries we can eliminate from the race.
“… Because we want to reduce the number to a smaller size, we don’t think we can travel to seven countries before the end of March.”
“One of the requirements is that whichever country is going to host the Africa Energy Bank must give us a befitting headquarters and Ghana has already shown us a property and a couple of other countries have also done that, “he said.
Listen to Dr Omar Farouk Ibrahim in the attached audio clip below:
Reporting by Fred Dzakpata in Accra
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