France Extends €23bn Funding For Africa’s Investment Plan

The French government has unveiled a €23 billion investment package for Africa during the Africa Forward Franco-African Business Forum held in Nairobi.

French president, Emmanuel Macron, disclosed the support during a two-day summit convened African heads of state and business leaders as France moves to strengthen and reshape its engagement with the continent, following years of strained relations with some of its former colonies.

The investment package includes €14 billion from French public and private entities and €9 billion from African investors. The funds will focus on sectors including energy transition, digital technology and artificial intelligence, the maritime economy, and agriculture.

“I simply wanted to announce today that, through this mobilisation and everything we have achieved, there are very tangible results for the African continent,” Macron said.

“Today, thanks to your commitment and the work done, we are announcing €23 billion in investment for Africa—€23 billion.

This includes €14 billion from the French companies gathered here—major groups, mid-sized firms, and SMEs—who are investing €14 billion across the continent.”

Macron said the investments would support projects in Kenya and other African countries represented at the summit.

“I applaud all the leaders present today; these investments are being made here in Kenya and across all the nations represented, and they will create over 250,000 direct jobs in both France and Africa,” he added.

The Africa Forward summit is part of France’s broader effort to rebuild partnerships across Africa through economic cooperation and investment