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French President Emmanuel Macron has announced a €23 billion investment commitment for Africa during the Africa Forward Franco-African Business Forum in Nairobi, as France seeks to deepen economic ties with the continent through a renewed partnership model centered on investment and trade.
The summit brought together more than 30 African heads of state, senior government officials, investors, and business executives from across Africa and France.
The funding package includes €14 billion from French public and private institutions, while African investors will contribute €9 billion.
According to Macron, the investments will target key sectors expected to shape Africa’s future growth, including renewable energy, artificial intelligence, digital infrastructure, agriculture, and the blue economy.
Speaking at the closing session of the business forum, Macron described the commitments as evidence of a shift in France’s relationship with Africa from traditional aid to long-term economic cooperation.
“Today, through the mobilization we have achieved together, there are concrete results for the African continent,” Macron said.
“We are announcing €23 billion in investments for Africa, including €14 billion from French companies, major corporations, medium-sized businesses, and SMEs operating across the continent.”
He added that the projects would support economic growth both in Kenya and across the countries represented at the summit.
“These investments are being made here in Kenya and throughout the nations represented at this summit, and they will help create more than 250,000 direct jobs in Africa and France,” Macron said.
The Nairobi gathering marked a significant moment in France-Africa relations.
It was the first time the long-running France-Africa summit had been hosted in an English-speaking African country, a move widely viewed as part of Paris’ efforts to broaden its partnerships beyond its traditional Francophone allies.
France has in recent years faced growing political and military setbacks in parts of West Africa, including Mali, Burkina Faso, Niger, and Chad, where anti-French sentiment and military-led governments have strained relations with Paris.
Analysts say the Africa Forward summit reflects France’s attempt to reposition itself as an economic partner rather than a dominant political actor on the continent.
Kenyan President William Ruto, who co-hosted the summit with Macron, emphasized the need for partnerships built on equality and mutual benefit instead of dependency.
The summit focused heavily on investment, innovation, industrialization, and financing solutions for Africa’s development priorities.
Discussions also covered energy access, climate action, agriculture, healthcare, digital transformation, and youth employment.
Macron said France’s new approach would prioritize co-investment and economic collaboration rather than development assistance.
“Africa needs investment to become more sovereign,” Macron said during the forum, noting that the era of one-sided aid relationships was changing.
The Africa Forward summit is expected to become a key platform for shaping future Africa-France economic cooperation as both sides push for stronger trade, investment, and technology partnerships.
German development finance institution DEG has reported a $20 million commitment to the Regional MSME Investment Fund for sub-Saharan Africa (REGMIFA), adding fresh capital to a vehicle that finances smaller businesses indirectly by lending to local financial institutions.
The International Finance Corporation (IFC), a member of the World Bank Group, is considering a significant investment in a Moroccan venture capital fund that targets emerging technology companies in North and West Africa.
Finnish development financier Finnfund has announced a $5 million mezzanine loan to Communication & Renewable Energy Infrastructure (CREI) to support the installation of hybrid power solutions for telecom sites in South Sudan.
