APPO set to launch first bank by June 2024

The African Petroleum Producers’ Organization (APPO) is planning to get its first bank by June 2024 in a move to secure funding for the development of regional energy infrastructure.
The organization unveiled the plan during a November 2 meeting in Benin. The bank named as African Energy Bank (AEB) would be launched no later than June 30, 2024.
APPO will set up the bank in partnership with Afreximbank. “Without energy, there is no life. Today, we are doing everything we can to ensure that the African Energy Bank becomes a reality by June 30, 2024,” Benin Minister of Energy, Water and Mines Samou Seidou Adambi said.
The plans to establish the bank came in 2022 during talks in Angola. The Afreximbank back then agreed to support the plans to find a “sustainable and balanced solution”. The organization gave itself until March 31, 2024, to choose a host country for the bank. The APPO’s council will hold an extraordinary session by the end of the first quarter to choose this.