African lenders formally establish $5 billion energy bank

The African Export-Import ​Bank and the African ​Petroleum Producers' Organisation ‌have formally established ​the Africa Energy Bank, according to a statement from Afreximbank ‌on Saturday.

The bank, which has authorised capital of $5 billion, aims to bridge a financing gap as traditional lenders ‌withdraw funding from fossil fuels, even as oil ‌and gas remain central to Africa's energy systems.