The Africa Finance Corporation will be shaping crucial discussions around how Africa can maximize investments to boost the development of energy projects at African Energy Week 2022.
Pan-African multilateral development financial institution Africa Finance Corporation (AFC) has confirmed as a bronze sponsor for the upcoming 2022 edition of the African Energy Week (AEW) conference and exhibition, Africa’s premier event for the oil and gas sector which will take place from October 18-21 in Cape Town. As one of the key drivers of private sector-led infrastructure investment across Africa, the participation of the AFC as a bronze sponsor at the biggest energy event on the continent is important for shaping critical discussions around investment trends across Africa’s energy sector and the best financial solutions for addressing the growing investment gap the continent is currently facing.
The only way Africa will be able to make energy poverty history by 2030 is by leveraging its 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas reserves. In 2022, with over 600 million still without access to electricity and 900 million people without access to clean cooking solutions, increasing investment in African hydrocarbons is key. While Africa’s vast hydrocarbons resources present an opportunity for the continent to drive socioeconomic development while also providing a sound solution to address global energy challenges – at a time when regions such as Europe are increasingly looking towards Africa to meet growing gas demand and address high energy prices – inadequate investment within Africa’s oil and gas value chain, partly due to global energy transition-related policies, continue to restrain the maximization of resources. In this regard, African financial solutions such as the AFC and the proposed African Energy Bank will be key for boosting oil and gas exploration and production, as well as infrastructure development and monetization.
Having invested $35 billion for projects rolled out across 35 countries and facilitated the addition of 2GW of power generation capacity in Africa, the AFC remains a reliable partner for future energy developments in Africa with the institution recently directing $100 million in investment to fast-track the development of the Cabinda Refinery facility in Angola and an additional $1 billion towards boosting Angola’s oil, gas, transport and commodities sectors to drive GDP growth and socioeconomic benefits. The AFC has also been instrumental in fast-tracking the expansion of renewable energy in Africa, with the organization recently signing Africa’s largest renewables deal for the acquisition of independent power producer, Lekela Power, as well as its massive 2.8GW portfolio, in partnership with Egyptian energy firm Infinity Group.
As a bronze sponsor, a delegation from the AFC will shape conversations on energy financing in high-level panel discussions whilst driving critical dialogue during AEW 2022’s various investment, energy transition and oil and gas forums.
“The African Energy Chamber (AEC) is proud to announce the AFC’s participation as a bronze sponsor at AEW 2022, where discussions regarding the future of African energy will be held. Organizations such as the AFC have and continue to be instrumental in financing African energy projects, with the organization itself serving as the ideal investment partner for current and potential regional and international players. As a bronze sponsor, the AFC will play a leading role in conference dialogue, driving decision making and deal signing,” stated NJ Ayuk, Executive Chairman of the AEC.
Under the theme, ‘Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment,’ AEW 2022 provides the best platform for the AFC to highlight and promote investment and partnership opportunities across Africa’s energy sector to a variety of public and private sector executives. AEW 2022 is where energy investment deals will be discussed, negotiated and signed.
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.