Afric Energy has called on African Nations to support the Africa Energy Investment Corporation (AEICORP) in its plan to raise $500M this year to enable it to become fully operational from the second half of the year.
This comes after the Managing Director of the Corporation, Zakaria Dosso, in the January issue of PAV Magazine, said that the Corporation is planning to raise the money and commence operation in H2 of 2022. He said: “We expect to raise at least 500 million US dollar equity from African countries, financial institutions, sectors’ companies, sovereign funds, pension funds, etc.”
Afric Energy is campaigning for growth in the African energy sector and believes that by countries subscribing to AEICORP and helping to raise the required fund, the continent will be on its way to creating and fostering opportunities that build integrity-driven pathways and deliver the most competent resources and opportunities to succeed to African companies, which are People, Technology, Financing and Networks.
The Chairman of AfricEnergy, Dr Emmanuel Ibe Kachikwu, was the Minister of State for Petroleum Resources in January 2019 when AEICORP was established and played a very important role in the APPA reforms that led to the creation of AEICORP.
Dr. Kachikwu who was the President of APPO and oversaw the formation of AEICORP from the then APPA Fund, has advised African Nations to key into AEICORP especially at the early stages of the Corporation. Subscribing to AEICORP is a way to protect African nations from social and economic dangers in light of reduced international funding of African hydrocarbon projects.