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Home Local news France Pledges Billions in Strategic Investments at Africa Partnership Summit
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France Pledges Billions in Strategic Investments at Africa Partnership Summit

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French president announces billions in African investments at summit focused on partnership

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France Pledges Billions in Strategic Investments at Africa Partnership Summit

Nairobi was abuzz with dialogue about mutual respect as the Africa Forward Summit unfolded on Tuesday. French President Emmanuel Macron took center stage, unveiling a series of new investments aimed at strengthening ties between France and Africa, with a strong emphasis on respecting sovereignty in this revamped partnership.

Macron announced that a substantial investment of €23 billion ($27 billion) would be directed toward various sectors across the African continent. This funding will target energy, artificial intelligence, and agriculture, with €14 billion ($16.4 billion) sourced from French companies and €9 billion ($10.5 billion) from African entities.

This summit represents a significant shift in the financial dynamics between France and African nations, including those that were once under French colonial rule, Macron highlighted.

Kenya, co-hosting the summit with France, saw its President, William Ruto, emphasize the concept of sovereignty multiple times during his closing remarks. Ruto declared that Africa’s era of dependency on Europe is over, advocating instead for a relationship founded on mutual respect.

Ruto articulated that future partnerships between African countries and France must be based on principles of sovereign equality. He stressed that these should not rely on aid but rather on mutually beneficial investments, and should steer clear of extraction or exploitation in favor of win-win scenarios.

The summit, which is set to culminate with a declaration signed by 30 heads of state and government, takes place amid a backdrop of deteriorating relations between France and its former colonies, primarily located in West Africa.

France has long maintained a colonial policy of economic, political and military sway dubbed Françafrique, which included keeping thousands of troops in the region it controlled.

After years of criticism from leaders and opposition parties in Mali, Niger and Burkina Faso over what they described as a demeaning and heavy-handed approach, France has withdrawn most of those troops. It completed the withdrawal of troops from Senegal in July.

Macron said Paris will be respectful of each African country’s independence, adding that “sovereignty and autonomy is shared, and your success is our success.”

France’s new strategy, according to Macron, is based on a shared agenda and the “days of offering assistance are behind us.”

“I’d like to focus on co-investment,” he said.

Macron hailed a strong show of unity from the African heads of state and governments as “an image of a united continent with a shared agenda.”

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