YAOUNDE, Nov. 1 (Xinhua) -- Energy ministers from 18 African countries gathered in Cameroon Friday to discuss the prospect of establishing a bank to boost energy production.
Meeting under the auspices of the African Petroleum Producers' Organization (APPO), an intergovernmental body founded in 1987, the ministers voiced hope for the establishment of the African Energy Bank (AEB).
"We welcome the decision of the Council of Ministers to exploit the possibility of setting up an African energy bank. Although a little bit of work still needs to be done before the bank can start its activities, it is undeniable that it will be a fundamental booster for the finalization of oil projects in Africa," Cameroonian Prime Minister Joseph Dion Ngute said while officially opening the meeting.
AEB, a joint initiative of the APPO and the African Export-Import Bank, could significantly address financial hurdles in the oil and gas sector and reduce the burden of energy transition in Africa, Ngute said.
