Macron announces €23bn in investment for Africa at Nairobi summit
French President Emmanuel Macron was in Nairobi on Monday for the Africa Forward summit, where he announced investments totaling 23 billion euros to boost the continent’s economic development.
Macron said these investments could create more than 250,000 direct jobs in France and Africa, with 14 billion euros coming from French donors and the rest from African investors.
He thanked the companies represented at the event and praised the “very concrete” results.
According to French media citing the Élysée Palace, the funds must be devoted mainly to the energy transition, digitalization and agriculture.
Thirty heads of state, as well as the UN Secretary General, António Guterres, were expected at the first Africa Forward Summit.
Among those present were Nigerian President Bola Ahmed Tinubu, Senegalese President Bassirou Diomaye Faye, Gabonese junta leader Brice Oligui Nguema and Moroccan Prime Minister Aziz Akhannouch.
The event aims to develop a new model of partnership between Africa and France and promotes increased investments compared to traditional development aid.
The focus is on direct investments, equity investments, loans, guarantees and grants for projects. The summit also aims to symbolize the paradigm shift in France’s African policy announced by Macron, moving away from colonial-style relations towards a more egalitarian partnership.
