Côte d’Ivoire’s government has endorsed the ratification of the African Energy Bank (BAE), marking a pivotal advancement for continental energy sovereignty.
Government Spokesperson Amadou Coulibaly announced the cabinet’s approval Saturday, following the 2024 agreement establishing the bank with $5 billion in initial capital.
The BAE will exclusively finance energy projects and infrastructure across Africa, accelerating the transition to sustainable energy. Coulibaly emphasized the bank’s role in supporting Côte d’Ivoire’s national strategy, which targets 45% renewable energy by 2030 and a 1.7-fold increase in total production capacity.
The initiative, launched in 2022 by the African Petroleum Producers’ Organization (APPO) and the African Export-Import Bank (Afreximbank), aims to reduce dependency on external financing. Ratification positions Côte d’Ivoire to access strategic funding while advancing Africa-led energy solutions.
