• African nations are planning the creation of an African Energy Bank.
• African resource-rich countries have grown frustrated with Western banks’ refusal to lend money for the development of oil and gas fields.
• For now, the 18 members of the African Energy Bank initiative have agreed to each contribute $83 million towards the bank, for a total of $1.5 billion.

African countries are planning to launch their own financing vehicle for oil and gas projects in the face of growing pressure from Western financial institutions to abandon the development of these resources. The group of 18 states needs $5 billion to kickstart what it calls an energy bank.