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Al Jazeera
Al Jazeera
Business
Alex Kozul-Wright

Can new Africa Energy Bank power a continent while protecting the planet?

Africa Oil Renewable Energy Electricity World Bank
A pumpjack, used to pump crude oil from underground reservoirs [File: Martin Meissner/AP]

A group of African countries is set to launch a bank to fund oil and gas projects amid growing reluctance by Western institutions to further invest in fossil fuels.

The long-planned “Africa Energy Bank” that is expected to take off soon was announced last June as a joint initiative by the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) – a group of 18 oil-exporting nations.

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