Speaking to Energy Capital & Power during the Congo Energy & Investment Forum (CEIF) in March - Omar Farouk Ibrahim, Secretary General, APPO, said the AEB will take off as soon as the building is completed.

What other milestones have you achieved in terms of establishing the AEB?

Nigeria is working on completing the headquarters building in line with our specifications. We finalized and signed the bank's charter - which outlines its governance and structure. With the treaty now in force, we have secured sufficient funding to launch the bank.

How was funding raised for the bank?

Three member countries have so far paid; Nigeria, Ghana and Angola. Five of our member countries have committed to paying and are working towards that. We hope to get at least 50% of our members pay their share as we set off the bank.

How will the bank be structured and what criteria are you using in selecting investment partners?

The bank will operate like any other development financial institutions, its not a commercial bank, focusing on energy in Africa. Ownership of the bank is shared among all APPO member countries and Afreximbank. The bank will have three classes of shareholders. Class A includes the founding countries and APPO member states as well as Afreximbank. Class B consists of other African countries that are not APPO members, along with their national oil companies, should they choose to invest. Class C is reserved for investors from outside Africa, excluding sovereign funds - meaning individuals, companies or investment groups may invest, but not foreign governments. We are looking for partners who believe that oil and gas have a critical role to play in addressing Africa’s energy security and driving its industrialization agenda.

What is one of your key takeaways CEIF?

There is a growing recognition across Africa that no single country can succeed in isolation. By coming together and forming strategic partnerships, we can accelerate the pace of development across the continent. remarks by the Ministers of the DRC and the Republic of Congo, emphasizing collaboration in the exploration and development of shared hydrocarbon basins, reflect this positive shift.