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PRESS RELEASE
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Invest in African Energy (IAE) London Reception Secures Afreximbank as Finance Partner
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The African Export-Import Bank will support project finance opportunities in Africa’s energy sector at the Invest in African Energy reception, organized by the African Energy Chamber
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CAPE TOWN, South Africa, June 28, 2024/ — The African Export-Import Bank (Afreximbank) has signed on as a Finance Partner to the upcoming London reception organized by the African Energy Chamber (AEC) (www.EnergyChamber.org) on July 11, which serves as a prelude to the African Energy Week (AEW): Invest in African Energy 2024 conference this November.
Afreximbank acts as a strategic partner to Africa’s energy sector growth, financing and developing integrated projects that promote intra- and extra-African trade, as well as raising access to capital for project developers. Earlier this month, Afreximbank and the African Petroleum Producers Organization signed into implementation the Africa Energy Bank, designed to facilitate, promote and finance Africa’s oil, gas and energy industries. The agreement marks a historic milestone in efforts to increase energy access and close the funding gap for oil and gas projects across the continent, with $5 billion in initial capital raised from African signatories. AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. The African continent has seen a series of recent energy sector deals, reflecting growing interest in the market and opening up opportunities for new players and investors. In 2024 alone, farm-in deals include TotalEnergies and QatarEnergy acquiring majority control of Block 3B/4B offshore South Africa; Petrobras acquiring stakes in three exploration blocks in São Tomé and Príncipe; 88 Energy entering PEL 93 onshore Namibia; Energean acquiring operatorship of the Lixus and Rissana licenses offshore Morocco; and Afentra acquiring interests in Blocks 3/05 and 305/A in Angola, among other transactions. In addition to mergers and acquisitions, a number of FIDs are expected on large-scale upstream and midstream developments in the coming months. In Namibia, TotalEnergies and Shell anticipate FID for the Venus-1X and Graff-1X deepwater discoveries by the end of 2024. TotalEnergies also anticipates FID for the Matola LNG terminal in Mozambique this year. The Nigeria-Morocco Pipeline expects FID in December 2024, which is set to transform regional energy access by supplying natural gas to Morocco, Europe and 13 West African nations. The Invest in African Energy reception in London serves to support European and global investment opportunities across the African energy value chain, attracting a new class of investors and strengthening cooperation between the two continents. “We are determined to close the project finance gap when it comes to funding Africa’s oil and gas and energy industries. There is no better partner for this than Afreximbank, who has played a central role in getting projects off the ground, building investor confidence and creating local project finance capacity. We welcome Afreximbank as the Finance Partner to the Invest in African Energy reception in London, which will set the stage for more deals and investments to be made at AEW 2024,” says NJ Ayuk, Executive Chairman of the AEC. The Invest in African Energy London reception takes place at the Four Seasons Hotel London at Park Lane from 17:00 to 21:00. Register now at https://apo-opa.co/3XIWuyz or contact register@aecweek.com. Distributed by APO Group on behalf of African Energy Chamber.
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