Tuesday, July 23, 2024

Omar Farouk Ibrahim announces the creation of Africa’s energy bank at MMEC 2024

During the 10th edition of the Mozambique Mining and Energy Conference and Exhibition (MMEC), which took place in Maputo, Omar Farouk Ibrahim, secretary general of the African Organization of Petroleum Producers, announced the creation of an energy bank for Africa. The new entity aims to strengthen African sovereignty in the management and sustainable exploitation of its energy resources.

In his speech at MMEC 2024, Omar Farouk Ibrahim detailed the objectives and structures of the recently announced Energy Bank of Africa. According to the secretary-general, the bank is a response to the urgent need for energy infrastructure financing on the continent, focusing especially on the oil and gas sectors. “This bank is not just a financial institution, it is a milestone in the quest for African energy autonomy,” he said.

Omar Farouk Ibrahim highlighted the crucial role the bank will play in financing strategic projects, including initiatives for the transition to cleaner energies and the modernization of existing infrastructure. “The founding partnership with the African Export-Import Bank will allow the Energy Bank of Africa to start its operations with a solid financial base and a pan-African perspective,” he said.

The secretary-general also mentioned the creation of regional centers of excellence in various sectors of the oil and gas industry as part of the bank’s initiatives. “These centers will be key to developing local expertise and ensuring that Africa can not only manage, but also innovate in the energy sector,” he explained.

In addition, Omar Farouk Ibrahim discussed the socio-economic challenges related to energy poverty in many African regions, criticizing the prolonged dependence on foreign aid and emphasizing that the Energy Bank of Africa will be a tool to reverse this situation. “We need solutions that are developed in Africa and for Africa. Our energy must benefit our citizens first, reducing poverty and promoting sustainable development,” he said.

The Secretary General of the African Organization of Petroleum Producers closed his speech with a call for African countries, international investors and local communities to see the Energy Bank of Africa as a strategic partner in realizing a more promising and sustainable energy future for the continent. “Together, we can turn challenges into opportunities and ensure that our energy wealth is the key to socio-economic progress for the whole of Africa,” he concluded.

The creation of the Energy Bank of Africa is seen as a significant step towards more independent and innovative energy management on the continent, with the expectation that it will become a catalyst for regional development and cooperation.

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