Africa Energy Bank will be a lifeline for continent – Dr Opoku Prempeh

Energy Minister, Dr Matthew Opoku Prempeh has said that the establishment of an African Energy Bank will be a lifeline for the continent.

This is because it would serve as the lead financial arranger in terms of the funding of oil and gas projects on the continent.

He made the point at the 44th ordinary session of the Council of Ministers of African Petroleum Producers’ Organization (APPO) in Cotonou, Benin on Friday.

Deliberations were essentially about ways by which the continent can use its hydrocarbons for the growth and prosperity of its citizens without hinderances.

Realities
Expatiating on the critical subject matter of the establishment of an Energy Bank in the face of the energy transition , the minister reiterated that Africa must be conscious to decipher the difference between the realities of the African situation and the politics of climate change.

Purpose
Dr Opoku Prempeh further stressed the need for the APPO to be intentional in ensuring that there are clauses that will reinforce the very purpose for which it is being established. “As we put in place these measures in one accord and a stronger voice, as well as strengthening our ties with the African Union, I am clear in my mind that, Africa will transition and achieve net-zero in a just and an equitable manner,” he stated,

Resolution
At the end of the meeting the Council of Ministers of the APPO reaffirmed the resolve of its Member Countries to commit to the success of the Africa Energy Bank in its quest for funding for the development of African Regional Energy Infrastructure in the various regions of the continent for energy security and sustainable development.

During the session, the Council applauded the progress in establishing the Africa Energy Bank in collaboration with Afreximbank. It urged Member Countries to fully support the Bank by making capital contributions and ratifying the establishment agreement.