French President Emmanuel Macron on Monday, May 11, announced €23 billion in investments for Africa at the closing session of the Africa Forward summit business forum in Nairobi, Kenya.
According to the Élysée Palace, €14 billion of the total amount will come from French public and private stakeholders, including companies, foundations, investment funds, and French development finance institutions such as the French Development Agency (AFD), Proparco, and the French Treasury. The remaining €9 billion will be provided by African investors.
Speaking at the end of the two-day Franco-African summit held in the Kenyan capital, Macron said the investments would create more than 250,000 direct jobs in France and across Africa. He described the outcome of the summit as “very concrete results” and said it reflected a “change in logic” in relations between France and Africa.
The French president stressed that Africa needs investment rather than traditional public aid, arguing that Europe is no longer in a position to provide large-scale financial assistance in the way it once did. The announced funding package includes various forms of financing, including direct investments, equity participation, partnerships, loans, guarantees, grants, and subsidies.
Several strategic sectors are expected to benefit from the investment drive. According to the Élysée, €4.3 billion will go toward energy transition projects, while €3.76 billion is earmarked for digital technology and artificial intelligence. The blue economy sector will receive €3.3 billion, and agriculture is set to benefit from €1 billion in investments.
In addition, €942 million will be directed toward the health sector, €300 million toward industrialization projects, and €250 million toward banking and financial services.
The Africa Forward summit brought together political leaders, investors, and business executives from across Africa and France to strengthen economic partnerships and promote private-sector-led development on the continent.
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