Africa Energy Bank opens, appoints Helmy Ghazi as first president

The Africa Energy Bank (AEB) was formally established on October 31, 2026, with Egypt’s Helmy Ghazi named as its inaugural president. Afreximbank and the African Petroleum Producers’ Organisation (APPO) announced the appointment in a joint statement after the bank’s first General Assembly in Abuja, Nigeria.

The General Assembly also constituted the AEB’s first Board of Directors. The board draws members from the public and private sectors and from leading policy institutions across the continent.

Energy financing gap

The AEB is being set up as Africa’s energy investment needs are estimated at $200 billion. The promoters said traditional providers of short and long-term financing to Africa’s energy sector are withdrawing funding from fossil fuels, even as oil and gas remain vital to the continent’s energy systems.

“This move is in recognition that significant investments in energy generation and transmission are required to accelerate industrial growth and leverage the tremendous opportunities presented by emerging technologies, particularly artificial intelligence (AI),” the statement said.

“The Africa Energy Bank aims to bridge this financing gap while supporting a just energy transition for African countries,” it added.

The bank is expected to operate as an independent, supranational, pan-African financial institution. It will seek investments from governments, national oil companies, financial institutions and private investors to support energy development across the continent.

Ghazi’s profile

Before his appointment, Ghazi served as Deputy CEO and Managing Director, Head of Global Banking, at HSBC Bank Egypt. He is described as a globally focused banker with over 25 years of experience in customer service, growth, team development and risk management. He is also recognised as one of Egypt’s leading bankers with extensive connections and knowledge of Egyptian and international customers, markets and investors.

What the bank means

The $5 billion Africa Energy Bank is a brainchild of APPO and is jointly funded by Afreximbank. It is expected to fill the financing gap left by traditional financiers withdrawing from oil and gas projects in Africa.

Afreximbank had approved a total of $1.7 billion as an investment in the Energy Bank in 2024, making it one of the major investors. APPO currently has 18 member countries across Africa, all oil or gas producers or both. In 2024, the Federal Government of Nigeria said plans to operationalise the $5 billion bank in Abuja were on course.