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Africa: Treaty negotiations for a continental energy bank concluded

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The African Energy Bank project is making some progress. “We have finished negotiations on the treaty establishing the bank, on the banking charter and on the approval of the bank’s headquarters by the host country,” Omar Farouk Ibrahim, secretary general of African Petroleum, said in an interview with La Tribune Afrique Producers Organization (Appo), one of the promoters of the initiative together with the African Export-Import Bank (Afreximbank).

The next stage concerns the ratification of the founding treaty by the member countries that ratify the treaty, because the bank will be supranational, a financially independent institution.

The coordination of the project should meet by the end of March 2024, to definitively designate the host country for the headquarters of the future institution. Eight countries would be in the running. Algeria, Benin, Nigeria, Egypt, Ivory Coast, South Africa and Ghana.

Born in the aftermath of COP 26 following the decision of Western institutions and countries to gradually stop financing dedicated to fossil fuels in Africa, the African Energy Bank project was officially announced in May 2022. [Da Redazione InfoAfrica]

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