7 countries eyeing to host African Energy Bank headquarters

Mon, Feb 19, 2024
By editor
3 MIN READ

Africa, Featured

By Anthony Isibor

FOLLOWING the approval of the African Petroleum Producers Association, APPO, Ministerial Council to establish the African Energy Bank, seven member countries have shown interest in hosting the bank headquarters.

The seven APPO member states include: Algeria, Egypt, South Africa, Benin Republic, Cote d’Ivoir, Nigeria, and Ghana.

Farouk Omar Ibrahim, Secretary General, APPO told Realnews in an exclusive interview in Lagos that it is only the country that is able to meet most or all of the requirements as required by the organization will be given the right to house the headquarters of the Energy bank.

The decision to establish an African Energy bank stems from the need to have a very solid base for financing oil and gas projects on the African continent since the western countries, which had been relied upon by African countries in the last 50-100 years for the funding of the oil and gas sector, have decided to move on and abandon fossil fuel due to energy transition programmes.

“As a result, the funding that used to come from these places to our oil and gas industry are now drying up. So we came together to look within so that we can find solution that will not be dependent on outsiders. Together with the Afriexim Bank, we came to establish the African Energy Bank. This was decided in late 2022 and I am pleased to inform you that in the last ministerial meeting of African Petroleum Producers Association, APPO, in November, the ministerial council approved and directed that the decision on the headquarters of the African Energy Bank should be taken before the end of the first quarter in 2024.”

Farouk also explained that for any country to have the right to host the bank’s headquarters, there are general criteria and there are divisions that they must meet.

He also told Realnews that the organization will be as transparent as possible in the selection process. There are criteria that must be met and any country that meets it first will get it.

According to him, part of these requirements include that:

The country must be readily accessible; this includes – Air transportation to and from the country.

Where ever it is going to be located should have the basis to attract people to want to come and stay there like hospitals, educational institutions among others.

The country must have signed and rectifies the establishment agreement of the charter of the bank.

Farouk said that the proposed or draft agreement had been given to these countries where they were told what they should give and the ones that give the most or all of it are likely to be the one that will take it.

“So, essentially, you must have paid, you must provide a befitting headquarters of the bank, you must have rectified that charter of the bank, and also you must have signed the cross-country agreement, which a number of these countries have already started providing.

Although he revealed that so far, no single country has met all the requirements fully, but a number of countries, which have indicated interest have made payments.  He noted that some of them have already shown the building where they intend for the bank to be housed, but did not give the names of the countries.

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-Feb 19, 2024 @ 05:45 GMT|

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