Ministers of Energy from different African Union (AU) member countries have agreed, at a meeting held in Addis Ababa, Ethiopia, to establish a continental oil fund that will boost the performance of the sector in Africa. It will be known as the African Petroleum Fund.

Yussuf Uwamahoro, the Coordinator of the Energy Sector in the Rwandan Ministry of Infrastructure, said that once established, the fund would play an instrumental role in controlling price fluctuation of oil products that have detrimentally affected Africa.

The fund, to be managed by the African Development Bank (AfDB), will serve as a solidarity fund for all African member states both - oil producers and non-producers.

Reported by allAfrica