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Africa: ‘No shame in funding fossil fuel projects’ says Afreximbank president  

By Xolisa Phillip
Posted on Thursday, 18 November 2021 13:53, updated on Monday, 22 November 2021 09:58

Greenpeace activists attend an action in Paris to protest against fossil fuel advertising and sponsorship in the European Union
Greenpeace activists stand next to an oil drilling rig replica in front of the glass pyramid of the Louvre museum during a protest in Paris as part of the launching of an European Citizens' Initiative (ECI) petition by 20 organisations calling for a new law that bans fossil fuel advertising and sponsorship in the European Union, France, October 6, 2021. REUTERS/Gonzalo Fuentes

Africa’s oil and gas-producing countries can rest assured that their funding needs and requirements will be met as Afreximbank has thrown its weight behind the exploration industries, citing the continent’s low emissions record.

During the second day of the Intra-African Trade Fair (IATF) 2021 in Durban on Tuesday, an impassioned Benedict Oramah, the president and chairperson of Afreximbank, conceded that the bank would continue to fund and finance fossil fuel projects.

Against the backdrop of the recently concluded COP26, where countries in the global north made renewed commitments to a net zero future powered by renewable sources of energy, Oramah says balance is key for Africa.