A New Era of Economic Partnership Between France and Africa

French President Emmanuel Macron has announced €23 billion ($27 billion) in investment commitments for African nations across key sectors, including infrastructure, energy transition, agriculture, AI, healthcare, and cultural industries. The announcement came at the Africa Forward Summit in Nairobi, co-hosted by Macron with Kenyan President William Ruto—marking the first time such a summit has been held in an anglophone country.

The move signals France’s intent to expand economic and diplomatic ties beyond its traditional sphere of influence on the continent. CMA CGM, a global shipping giant, signed the largest deal at the Summit: a €700 million ($821 million) agreement with Kenya to modernize Port Mombasa’s capacity and improve inland logistics.

Strategic Investments Across Multiple Sectors

Proparco, France’s development agency arm, unveiled several partnerships:

• A €300 million facility with Ecobank to strengthen agricultural value chains
• A €200 million cross-currency facility with the West African Development Bank (BOAD) to facilitate trade between Euro and CFA zones
• A €300 million partnership with AXIAN Group for telecom connectivity and renewable energy expansion
• A €20 million investment in South Africa’s Biovac pharmaceutical company

Macron emphasized that these investments represent a fundamental shift from traditional aid models to co-investment partnerships, where African counterparts will contribute 40% of the total capital.

Responding to Changing Geopolitical Landscape

France’s renewed focus on investment reflects both economic opportunity and evolving geopolitical realities. Rising anti-French sentiment in some former colonies has prompted French companies to diversify across Africa—particularly towards more stable, commercially vibrant anglophone markets like Nigeria and South Africa.

President Ruto echoed this perspective, stating that trade and investment partnerships represent the foundation for enduring ties between France and African nations. He emphasized that mutual partnerships are essential given current global challenges including geopolitical divisions, climate pressures, and inequality.

France’s charm offensive aims to counter growing competition from China, Russia, and the United Arab Emirates—all of whom have significantly expanded their engagement with Africa in recent years. French officials maintain that Europe offers reliable, long-term partnerships based on mutual benefit rather than transactional engagements.