Africa to set up energy bank

The Swiss media Africa Finance News Agency reported on May 17, 2022 that currently, energy production and consumption in Africa have reached record highs. However, affected by the international energy transition, international investment in Africa’s oil and gas sector may show a downward trend. To prevent underinvestment, the African Export-Import Bank (Afreximbank) and the African Organization of Petroleum Producers (APPO) signed a protocol in Angola on May 17 to jointly establish an energy bank to provide financial services for existing and new oil and gas projects, The oil and gas industry chain provides the necessary financing to facilitate private capital investment.

According to the report, more than 600 million people in Africa still have no access to electricity, and 900 million people cannot use clean cooking fuels. Therefore, African countries should follow the pace of energy transition, and more use of fossil energy is still needed to solve the problem of energy shortages.