The African Petroleum Producers’ Organization (APPO) and the African Export-Import Bank (Afreximbank) have announced significant progress in setting up the $5 billion Africa Energy Bank, a landmark initiative aimed at tackling the continent’s chronic energy financing shortfall. The update was shared on Monday in Cape Town during African Energy Week (AEW): Invest in African Energies, at a workshop titled Africa Energy Bank Take-Off – Bridging the Financing Gap for Africa’s Energy Sector. “Africa is being penalized – we pay more per kilowatt before subsidies than anywhere in the world, because the costs of financing energy projects are higher. The annual energy financing gap is currently estimated at $31 billion to $50 billion. The Africa Energy Bank, once operational, is expected to serve as a homegrown financing solution to drive energy projects across the continent, reduce reliance on external lenders, and strengthen Africa’s capacity to define its energy future.