Ibrahim said at the African Oil Week 2024 conference in Cape Town that establishment documents and agreements had been signed and reached between APPO and the Afrexim- bank in June, after “good progress” had been made to establish the bank over the two-and-half years since it was first mooted.
He said critics had initially argued that there was no funding to establish such a bank for the continent, and that it was unlikely to succeed, but 45% of the bank’s estimated $5 billion founding capital had been funded by APPO member countries even before the founding agreements were signed.
The bank would be headquartered in Abuja, Nigeria. APPO’s 18 member countries are Algeria, Angola, Benin, Cameroon, Chad, Congo, DR Congo, Ivory Coast, Egypt, Ghana, Equatorial Guinea, Gabon, Libya, Namibia, Niger,…
