The new model would emphasize greater cooperation and collaboration among African oil and gas producing countries. He stated that: “the model shall also seek to emphasize a continental-wide approach to addressing the funding challenge, the capacity development challenge, the lack of cross-border and regional energy infrastructure challenge, the technology deficit challenge and the underdeveloped energy market challenge, using the African Continental Free Trade Agreement as an enabling vehicle.
Ibrahim added that revenue shall not come from the private sector alone because the issue is a matter of national security. He insisted that “none of the financial institutions operating in Africa today can afford to provide all the funds required for the oil and gas industry in Africa to operate and grow, and at the same time meet its original mandate.”
The Managing Director who was represented by the Director and Head Advisory and Capital Markets, Mr. Ibrahim Sagna assured of the bank’s commitment to the African oil and gas sector, pointing out that it had extended loans to players in the industry to the tune of $5bn by the third quarter of 2021.
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