The Africa Energy Bank (AEB) was formally established on October 31, 2026, with Egypt’s top banker, Mr Helmy Ghazi, emerging as the Bank’s inaugural president.
This was announced in a joint statement issued by the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO).
The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on October 31, 2026.
AEB General Assembly appoints Helmy Ghazi
Resolutions passed at the first General Assembly led to the appointment of the Bank’s inaugural president, Mr Helmy Ghazi, and the constitution of its first Board of Directors.
The Board comprises members from the public and private sectors, as well as leading policy institutions from across the continent.
According to the statement, the creation of the Africa Energy Bank reaffirms African governments’ determination to secure their own energy future.
- “This move is in recognition that significant investments in energy generation and transmission are required to accelerate industrial growth and leverage the tremendous opportunities presented by emerging technologies, particularly artificial intelligence (AI),” the statement partly reads.
According to the statement, the Bank is being established at a time when the continent’s energy investment needs are estimated at $200 billion.
It added that traditional providers of short- and long-term financing to Africa’s energy sector are withdrawing funding from fossil fuels, even as oil and gas remain vital to the continent’s energy systems.
- “The Africa Energy Bank aims to bridge this financing gap while supporting a just energy transition for African countries,” the statement partly reads.
The AEB is expected to operate as an independent, supranational, pan-African financial institution.
It will also attract investments from governments, national oil companies, financial institutions, and private investors to support energy development across the continent.
Brief profile of the inaugural president
Checks by Nairametrics show that, prior to his appointment, Ghazi served as Deputy CEO and Managing Director, Head of Global Banking, at HSBC Bank Egypt.
He is described as a globally focused banker with over 25 years of experience delighting customers, driving growth, developing teams and talent, and mitigating risks.
He is recognised as one of Egypt’s leading bankers, with extensive connections and knowledge of Egyptian and international customers, markets, and investors.
What you should know
The $5 billion Africa Energy Bank is a brainchild of the African Petroleum Producers’ Organisation (APPO).
The Bank, which is jointly funded by Afreximbank, is expected to fill the imminent financing gap created by the withdrawal of traditional financiers from oil and gas projects in Africa.
According to a 2024 report, Afreximbank had approved a total of $1.7 billion as an investment in the Energy Bank, making it one of the major investors in the financial institution.
So far, APPO has 18 member countries across Africa, all of which are either oil- or gas-producing nations, or both.
In 2024, the Federal Government of Nigeria disclosed that plans to operationalise the $5 billion Africa Energy Bank in Abuja were on course.
