Senegal has approved its share of payment for the African Energy Bank (AEB), which is expected to be paid before the end of 2025.

Announced by Dr. Omar Farouk Ibrahim, Secretary General for intergovernmental organization the African Petroleum Producers’ Organization (APPO) on December 9 at the MSGBC Oil, Gas & Power 2025 conference and exhibition in Dakar, the payment comes as Senegal expands its focus on developing its own energy sector, which includes significant oil and natural gas reserves.

“With this payment, we are getting closer to the development of the African Energy Bank,” Dr. Ibrahim stated.

With an initial capitalization of $5 billion – which is expected to grow to $120 billion within three to five years – the AEB has been established to provide dedicated funding for African energy projects, including oil, gas and renewable energy. Headquartered in Abuja, Nigeria, the AEB has been established by APPO and pan-African financial institution the African Export-Import Bank.