France has announced a 23 billion euro investment package for Africa. Speaking at the Africa Forward Summit (the Africa-France Partnership Summit) in Nairobi, Kenya, French President Emmanuel Macron announced that 14 billion euros would be from the French public and private sources. The other 9 billion would come from African investors.
Macron stated these investments would create more than 250,000 direct jobs in France and Africa combined. He described it as a first-of-its-kind mobilization of the private sector through the business forum, and evidence of a “partnership of equals” focused on shared success in sovereignty, not aid or paternalism.
“When Africa succeeds, Europe succeeds and vice versa,” he said. The investments target sectors like energy transition, digital technology/artificial intelligence, agriculture, industry, and the maritime economy.
Macron emphasized that this isn’t Europe “helping” Africa in a one-way model, but mutual benefit.
His idea behind this strategy is that African prosperity supports Europe’s goals, like reducing irregular migration by retaining talent and creating opportunities, and vice versa. France is considered Europe’s gateway for illegal migrants from Africa crossing the Mediterranean using deadly (unsafe) boats.
It’s argued that if more economic opportunities for young people were created in Africa, they would go a long way in mitigating the effects like emigration.
Host President William Ruto emphasized shifting from public aid (which Europe has limited capacity for) to investments that enhance African sovereignty and mutual economic ties.
Another major gain, specifically for Kenya, was the announcements by French shipping group CMA CGM investing 700 million euros to modernize a terminal at Kenya’s Mombasa port, as well as other bilateral deals in transport, energy, agriculture, and the digital economy.
Macron’s message was mainly on promoting Europe as a rules-based partner, apparently contrasting with China’s and the US’s approaches on critical minerals and trade. He therefore called for reforming international finance to attract more private investment, while defending France’s evolving role, like quitting West African (Sahel) countries when it was requested.
He also said the return of looted African cultural artifacts was unstoppable, in reference to France’s parliamentary vote last week to simplify the return of the items looted by the colonialists.
The summit was largely seen as aimed at renewing France’s engagement with the continent after years of strained ties with its former colonies, many of which have in the last few years protested French influence in their politics, with military coups and expulsion of French forces.
”We are not simply here to come and invest on the African continent alongside you, we need the great African business leaders to come and invest in France,” he told the Summit, adding, “and that too is what underpins this relationship, now entirely free of hang-ups.”-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
