African institutions formally establish a $5 billion energy bank

Reuters reported that the bank's inaugural meeting in Abuja appointed Helmy Ghazi as president and established its first board. The institution is intended to finance projects across exploration, production, refining and distribution.

Its sponsors say traditional lenders are retreating from fossil-fuel financing even though oil and gas remain central to many African energy systems. Authorised capital is a mandate and funding ceiling, not evidence that the full amount has already been deployed.