The African Export-Import Bank (Afreximbank) and Africa Energy Investment Corporation (AEICORP) has signed a preliminary framework agreement that was brokered by Egypt to enhance the energy sector in Africa.
The signing comes after a month-long of negotiation. During the 39th virtual ministerial meeting of the African Petroleum Producers’ Organisation (APPO) last month, the Minister of Petroleum and Mineral Resources, Egypt, Tarek El Molla, described the deal as an important step that petroleum countries in Africa have been looking forward to for a long time.
The Minister also noted then that work is in progress for the preparation of a detailed study in cooperation with five (5) APPO member states on the future of oil and gas in Africa amid the COVID-19 pandemic.
Both parties are to cooperate on projects of mutual interest in the energy sector to attract investments to the energy and mining sector.
In attendance was the Secretary-General of APPO, Dr Omar Farouk Ibrahim, the President of Afreximbank, Benedict Oramah, the Minister of Petroleum and Mineral Resources Tarek El Molla, and the Managing Director of AEICORP, Zakaria Dosso.
The Bank President said that the agreement is to finance the Corporation’s infrastructure development endeavours in the continent and to attract investment to the planned petroleum activities. He said the agreement will allow for the facilitation of plans to enter new markets and provide employees with training and development programs.
The MD of AEICORP restated the Corporation’s commitment to improving the energy position in Africa and said technology is important to achieving this.
Dr Farouk praised the role of Egypt in reaching the agreement and said it is a cooperation milestone between development institutions in Africa.
Also speaking during the signing ceremony was the Egyptian Minister, who said the current circumstances has encouraged cooperation between countries as it is important for Africa to achieve maximum economic benefit from its resources. He said the African petroleum industry is essential to the development of other sectors.
