ABIDJAN, July 5 (Xinhua) -- The government of Cote d'Ivoire has approved a draft law ratifying the creation of the African Energy Bank (BAE), government spokesperson Amadou Coulibaly announced Saturday following a Cabinet meeting.

The agreement, signed in 2024, provides for an initial capital of 5 billion U.S. dollars to be specifically allocated for financing energy projects and infrastructure across Africa, Coulibaly told the press.

He said the adoption of the draft law marks a decisive step toward sustainable energy financing and energy sovereignty on the continent. Cote d'Ivoire is expected to benefit from the BAE's support in the effective implementation of its national strategy for transitioning to sustainable energy sources.

Cote d'Ivoire aims to generate 45 percent of its energy from renewable sources by 2030 while increasing its current production capacity by 1.7 times.

The creation of the BAE was initiated in 2022 by the African Petroleum Producers' Organization, in partnership with the African Export-Import Bank. ■