The African Energy Bank has received a significant financial boost as Senegal approves its share of the payment for the pan-African energy finance institution. The contribution is expected to be made before the end of 2025.
The announcement was made by Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organization, on December 9 during the MSGBC Oil, Gas and Power 2025 conference and exhibition in Dakar, Senegal.
The approval comes at a time when Senegal is expanding its focus on the development of its domestic energy sector, which includes substantial oil and natural gas reserves.
“With this payment, we are getting closer to the development of the African Energy Bank,” Ibrahim said.
The African Energy Bank was created by the African Petroleum Producers’ Organization (APPO) and the African Export-Import Bank (Afreximbank).
Headquartered in Abuja, Nigeria, the institution is dedicated to financing energy projects across the continent.
With an initial capitalization of 5 billion dollars, the bank aims to grow its funding to 120 billion dollars within the next three to five years.
The bank was established as a response to growing global constraints in energy financing and the withdrawal of international banks from oil and gas projects.
It serves as a multilateral financial institution created under a treaty-based agreement among African member states and governed by a charter signed by its shareholders.
The African Energy Bank seeks to close the funding gap for African energy development.
It will support both traditional and renewable energy sectors while aligning with the United Nations Sustainable Development Goals and the African Union’s Agenda 2063.
The institution aims to accelerate Africa’s access to reliable, affordable and sustainable energy sources, contributing to the continent’s long-term energy independence and economic development.
