Afreximbank Partners with African Energy Chamber for London Reception Ahead of AEW 2024

"We are determined to close the project finance gap when it comes to funding Africa’s oil and gas and energy industries," stated NJ Ayuk, Executive Chairman of the AEC.

The African Export-Import Bank (Afreximbank) has announced its role as Finance Partner for the upcoming London reception organized by the African Energy Chamber (AEC) on July 11. This event serves as a precursor to the African Energy Week (AEW) 2024 conference scheduled for November.

Afreximbank is pivotal in fostering growth in Africa's energy sector by financing and developing integrated projects that enhance intra- and extra-African trade, as well as by improving access to capital for project developers. Recently, Afreximbank and the African Petroleum Producers Organization launched the Africa Energy Bank, aimed at facilitating and financing the continent's oil, gas, and energy industries. This landmark agreement has secured an initial $5 billion in capital from African stakeholders, marking a significant step toward bridging the funding gap for energy projects across Africa.

"We are determined to close the project finance gap when it comes to funding Africa’s oil and gas and energy industries," stated NJ Ayuk, Executive Chairman of the AEC. He emphasized Afreximbank's critical role in initiating projects, building investor confidence, and enhancing local project finance capabilities.

AEW: Invest in African Energy has become a prominent platform for project operators, financiers, technology providers, and governments to engage and finalize deals within the African energy sector. The event, recognized as the official venue for signing energy deals in Africa, is set to attract global investors keen on exploring opportunities across the continent's energy value chain.

Recent developments in Africa's energy sector underscore a burgeoning market with increasing investment opportunities. Key transactions in 2024 include major farm-in deals and anticipated final investment decisions (FIDs) on significant upstream and midstream developments. Companies like TotalEnergies, QatarEnergy, Petrobras, Energean, and Afentra are actively participating in various projects across the continent, reflecting heightened investor interest and the region's potential for energy growth.

Notable upcoming FIDs include TotalEnergies and Shell's plans for the Venus-1X and Graff-1X deepwater discoveries in Namibia, as well as TotalEnergies' anticipated decision on the Matola LNG terminal in Mozambique. The Nigeria-Morocco Pipeline project also anticipates FID by December 2024, promising to revolutionize regional energy access by supplying natural gas to Morocco, Europe, and 13 West African nations.

The Invest in African Energy reception in London aims to bolster European and global investment in Africa's energy sector, fostering deeper cooperation and attracting a new wave of investors. This event is expected to lay the groundwork for significant deals and investments at AEW 2024.