Libyan Oil Minister discusses plans to establish the African Energy Bank

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Libyan Oil Minister discusses plans to establish the African Energy Bank

May 17, 2022 - 09:19
Written by: LibyaMohammed

The Minister of Oil and Gas, Mohammed Aoun, has discussed with a member of the Executive Council of the African Petroleum Producers' Organization's (APPO), during the ministerial meeting of the organization, plans and mechanisms for establishing the African Energy Bank through the Energy Investment Corporation in Africa.

The corporation was established by the APPO to support the oil industry in Africa, develop African member countries, and support transformation plans to produce renewable energies.

Aoun called for the necessity of establishing the African Energy Bank as soon as possible, with the aim of implementing projects to produce renewable energies through these revenues.

He also pointed out that international banks will place restrictions on the implementation of financing oil projects, which will deprive the African continent of benefiting from the oil wealth.