Pan-African multilateral improvement monetary establishment Africa Finance Company (AFC) has confirmed as a bronze sponsor for the upcoming 2022 version of the African Power Week (AEW) (AECWeek.com) convention and exhibition, Africa’s premier occasion for the oil and gasoline sector which can happen from October 18-21 in Cape City. As one of many key drivers of personal sector-led infrastructure funding throughout Africa, the participation of the AFC as a bronze sponsor on the greatest vitality occasion on the continent is necessary for shaping essential discussions round funding developments throughout Africa’s vitality sector and the most effective monetary options for addressing the rising funding hole the continent is at present going through.
The one approach Africa will have the ability to make vitality poverty historical past by 2030 is by leveraging its 125.3 billion barrels of crude oil and 620 trillion cubic toes of gasoline reserves. In 2022, with over 600 million nonetheless with out entry to electrical energy and 900 million individuals with out entry to scrub cooking options, rising funding in African hydrocarbons is vital. Whereas Africa’s huge hydrocarbons assets current a chance for the continent to drive socioeconomic improvement whereas additionally offering a sound resolution to handle international vitality challenges – at a time when areas similar to Europe are more and more wanting in the direction of Africa to fulfill rising gasoline demand and handle excessive vitality costs – insufficient funding inside Africa’s oil and gasoline worth chain, partly on account of international vitality transition-related insurance policies, proceed to restrain the maximization of assets. On this regard, African monetary options such because the AFC and the proposed African Power Financial institution shall be key for reinforcing oil and gasoline exploration and manufacturing, in addition to infrastructure improvement and monetization.
Having invested $35 billion for tasks rolled out throughout 35 international locations and facilitated the addition of 2GW of energy era capability in Africa, the AFC stays a dependable companion for future vitality developments in Africa with the establishment not too long ago directing $100 million in funding to fast-track the event of the Cabinda Refinery facility in Angola and a further $1 billion in the direction of boosting Angola’s oil, gasoline, transport and commodities sectors to drive GDP progress and socioeconomic advantages. The AFC has additionally been instrumental in fast-tracking the growth of renewable vitality in Africa, with the group not too long ago signing Africa’s largest renewables deal for the acquisition of impartial energy producer, Lekela Energy, in addition to its large 2.8GW portfolio, in partnership with Egyptian vitality agency Infinity Group.
As a bronze sponsor, a delegation from the AFC will form conversations on vitality financing in high-level panel discussions while driving essential dialogue throughout AEW 2022’s varied funding, vitality transition and oil and gasoline boards.
“The African Power Chamber (AEC) is proud to announce the AFC’s participation as a bronze sponsor at AEW 2022, the place discussions relating to the way forward for African vitality shall be held. Organizations such because the AFC have and proceed to be instrumental in financing African vitality tasks, with the group itself serving as the best funding companion for present and potential regional and worldwide gamers. As a bronze sponsor, the AFC will play a number one function in convention dialogue, driving determination making and deal signing,” acknowledged NJ Ayuk, Government Chairman of the AEC.
Underneath the theme, ‘Exploring and Investing in Africa’s Power Future whereas Driving an Enabling Surroundings,’ AEW 2022 supplies the most effective platform for the AFC to spotlight and promote funding and partnership alternatives throughout Africa’s vitality sector to a wide range of private and non-private sector executives. AEW 2022 is the place vitality funding offers shall be mentioned, negotiated and signed.
Distributed by APO Group on behalf of African Power Week (AEW).
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About AEW:
AEW 2022 is the AEC’s annual convention, exhibition and networking occasion. AEW 2022 unites African vitality stakeholders with traders and worldwide companions to drive trade progress and improvement and promote Africa because the vacation spot for vitality investments. Key organizations such because the African Petroleum Producers Group, in addition to African heavyweights together with Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the function the occasion will play in Africa’s vitality future.
