Afreximbank President to Spearhead African Sustainable Energy Investment as AEW 2023 Keynote Speaker

Prof. Benedict Oramah will lead a delegation from the African Export-Import Bank to AEW 2023 to discuss advancing sustainable investments in African energy.

Representing one of Africa’s biggest financiers and trade facilitators, the African Export-Import Bank (Afreximbank) is committed to advancing energy security and sustainable investment across the African continent. As a pan-African financial services provider, the institution plays an important part in getting large-scale projects off the ground while contributing to Africa’s development objectives. With the bank looking at doubling its investments in African energy to well over $60 billion within the next six years, countries across the continent are well positioned to secure the capital they need to grow their respective economies on the back of sustainable energy.

During this year’s edition of the African Energy Week (AEW) – taking place in Cape Town from October 16-20 -, the African Energy Chamber (AEC) is proud to announce that a delegation from the Afreximbank will join the conference, led by the institution’s President and Chairman Prof. Benedict Oramah. In addition to participating in a suite of panel discussions, investor summits and networking forums, Prof. Oramah will deliver a keynote address on the impact and need for sustainable investments in Africa’s energy sector.

Since his appointment to Afreximbank President in 2015, Prof. Oramah has played an instrumental role in ensuring bank’s investments align with Africa’s sustainability objectives. In addition to providing financing for oil and gas projects, the bank prioritizes and advances local content, capacity building and low-carbon portfolios. Led by Prof. Oramah, Afreximbank leads several programs aimed at upskilling the local workforce, promoting technology transfer while accelerating intra-African trade and commerce. Recent initiatives include a $1.5 billion financing facility aimed at boosting local content in Botswana; a five-year agreement signed with the African Capacity Building Foundation; and the mobilization of a grant to support Small-to Medium-sized Enterprises enhance their capacities. Local content is at the forefront of the bank’s agenda, and as such, Prof. Oramah will expand on this topic during AEW 2023.

Meanwhile, as a trade facilitator, Afreximbank is committed to ensuring African nations capitalize on the opportunities presented by platforms such as the African Continental Free Trade Agreement (AfCFTA). The bank was responsible for the launch of the Pan-African Payment and Settlement System underpinning the AfCFTA, and supports entrepreneurs, companies and governments expand their market reach, improve their competitiveness and seize the growth opportunities intra-African trade presents.

While these initiatives continue to unlock new opportunities for domestic markets continent-wide, the Afreximbank’s central undertaking is investment. For years, the bank has represented a primary provider of finance for African countries and companies, and with its sustainable investment approach, continues to spearhead project developments under efforts of making energy poverty history – the mandate of the AEW conference. In the oil sector, the bank mobilizes finance for projects that have significant impacts for local communities. These include $155 million raised for the development of oil infrastructure in Djibouti – a nation heavily reliant on petroleum imports – and $355 million raised for Angola’s Cabinda refinery. The bank also finances projects across the natural gas, manufacturing, logistics and food industries. Afreximbank is spearheading the development of a Floating Liquefied Natural Gas project in Nigeria alongside UTM Offshore; the Western Railway Corridor to boost trade and industry in Ghana; and mobilized $400 million for industrial parks across the continent.

Going forward, as foreign investment in African oil and gas continues to fall, Afreximbank has established a long-term plan for raising finance for an industry widely-considered essential for Africa’s development. In collaboration with the African Petroleum Producers Organization, Afreximbank launched the African Energy Transition Bank in 2022, aimed at mobilizing the necessary financing to get large-scale hydrocarbon projects off the ground. These efforts will advance industrialization, energy access and economic growth at a time when African demand is expected to grow.

“Africa’s energy and economic success will be driven by institutions like Afreximbank and figures like Prof. Oramah. Under his leadership, Afreximbank has become a strong partner for African countries, facilitating impactful projects. The launch of the African Energy Transition Bank opens doors for industrialization, energy access, and growth. As Africa’s energy sector strengthens, Afreximbank remains pivotal for its success,” says NJ Ayuk, Executive Chairman of the AEC.

During AEW 2023, Prof. Oramah will spearhead dialogue around investing in African energy, promoting local content and technology transfer, and advancing intra-African trade and commerce. Afreximbank’s corporate agenda aligns closely with AEW 2023’s theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Market,’ and Prof. Oramah’s insights will be valuable at the conference this October.

AEW is the AEC’s annual energy event uniting global investors and project developers with African governments and policymakers. The event represents the biggest gathering of energy stakeholders on the continent. For more information about attendance and participation opportunities, visit www.aecweek.com.