French President Emmanuel Macron has announced a €23 billion ($27 billion) investment initiative focused on strengthening Africa’s energy, agriculture, digital innovation and maritime industries at a major summit held in Nairobi.
Addressing participants at the two-day Africa Forward summit in Kenya, Macron explained that the funding package would include €14 billion ($16.4 billion) from French public and private organisations, alongside €9 billion ($10.6 billion) contributed by African investors.
According to the French president, the initiative could create as many as 250,000 direct jobs in both Africa and France as Paris works to rebuild ties with African countries following years of strained political and military relations, especially in West Africa and the Sahel region.
Macron told delegates at Nairobi’s convention centre that France was not only looking to invest in Africa, but also wanted major African business leaders to expand investments into France.
The gathering attracted African presidents, business executives and investors at a time when Europe, China and the United States are increasingly competing for influence in Africa’s rapidly expanding economies and valuable mineral resources.
China and Europe compete for African influence
During the summit, Macron presented Europe as a dependable economic ally for African nations amid changing global alliances.
He maintained that Europe promoted multilateral trade and respected international legal systems while criticising China’s handling of strategic minerals and rare earth resources.
Speaking about Beijing’s activities in Africa, Macron accused China of operating with a “predatory logic” by refining critical minerals within its borders and creating international dependency on its supply chains.
France attempts to rebuild relations after Sahel disputes
The French leader also defended France’s military role in the Sahel, where several governments have distanced themselves from Paris after coups and growing anti-French sentiment. In recent years, French forces have exited countries such as Mali, Burkina Faso and Niger.
Macron stated that France withdrew from those nations once its presence was no longer welcomed after the coups, insisting the departures were a practical response rather than a humiliation, according to The Africa Report.
Ahead of the summit, Macron also reopened discussions surrounding colonialism and governance in Africa, arguing that former colonial rulers should not shoulder all the blame for the continent’s present-day difficulties.
He said African governments must also take responsibility for developments in the decades following independence while encouraging stronger governance and economic leadership across the continent.
The issue of cultural restitution was also discussed at the summit, with Macron describing the return of African artefacts taken during the colonial period as “unstoppable” after France passed laws allowing looted artworks to be repatriated to African countries.
France has recently intensified efforts to improve its standing in Africa through commerce, investment and cultural partnerships as its political and military influence weakens in several former colonies.
The Nairobi summit represents one of France’s biggest recent efforts to strengthen economic partnerships with African nations while promoting increased African investment in Europe.