The African Petroleum Producers Organisation (APPO) has announced its intention to create a RAISE FUND, with the aim of generating financial resources to support and finance the projects of its foundation.
To manage these funds, APPO has stipulated that member companies must make their contributions to an account managed by the African Export-Import Bank (Afreximbank).
During the discussions, the General Director of SONAGAS GE, Mr. Segismundo Nguema Nsue, expressed his interest regarding the role of companies with state participation, as well as the possible inclusion of an additional banking entity in the project.
He also requested clarification on how the Afreximbank would manage said
collaboration, emphasizing its concern to ensure transparency and proper administration of funds.
On June 4, 2024, Afreximbank and APPO signed the Establishment Agreement and Charter of the African Power Bank at a ceremony in Cairo, Egypt, consolidating a partnership for energy development on the African continent.
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