The African Export-Import Bank (Afreximbank) and the African Finance Corp (AFC) have invested about $16 billion in oil and gas projects across Africa, the Guardian reported.
This was disclosed at the recent African Refiners and Distribution Association conference in South Africa, where stakeholders urged companies to keep funds within the continent to finance the over $190 billion yearly energy investment requirements.
Afreximbank’s oil and gas portfolio exceeds $15 billion with a healthy pipeline across the continent, according to Rene Awembeng, the company’s Global Head, Client Relations.
“Africa has not invested in its refineries or refining capacity. We’ve not invested in our storage facilities. We’ve not invested in our pipelines sufficiently to meet the demand. So, with the [COVID-19] crisis, and now the Ukraine crisis… we are in a very difficult position,” he added.
AFC has disbursed $800 million towards Africa’s refinery sector, with $210 million in its near-term pipeline, according to Shayo Olumide, AFC Senior Investment Associate.
He emphasised the need to focus on the environment, sustainability, and governance when it comes to funding.
