France’s Macron announces $27bn investment in Africa at Kenya summit

The Africa-forward-summit" class="entity-link entity-event" data-entity-id="125708" data-entity-type="event">Africa Forward summit comes amid France’s fading ties with its former African colonies, as Kenya seeks greater trade.French President Emmanuel Macron has announced 23 billion euros ($27bn) of investment during the Africa-forward-summit" class="entity-link entity-event" data-entity-id="125708" data-entity-type="event">Africa Forward summit in Kenya.Macron said on Monday that Africa and France had a “partnership of equals” with common objectives, as he announced 14 billion euros ($16.4bn) of investments in private and public funds from French companies, and 9 billion euros ($10.5bn) from African ones, on energy transition, agriculture and artificial intelligence (AI).Recommended Stories list of 3 itemslist 1 of 3Macron tours East Africa amid push to redefine France’s role in Africalist 2 of 3Kenya hosts France’s Macron: Why the relationship matters to bothlist 3 of 3South Africa plans presidential impeachment probe over ‘Farmgate’ scandalend of listThese investments would create 250,000 jobs in France and Africa, Macron said at the two-day summit – France’s first in an English-speaking African country – which started on Monday.“We are not simply here to come and invest on the African continent alongside you – we need great African business leaders to come and invest in France,” he told the heads of state and leaders of more than 30 African nations, including Francophone countries, at Nairobi’s convention centre.“And that too is what underpins this relationship, now entirely free of hang-ups,” Macron said.The summit is seen as an attempt by France to strengthen its ties with English-speaking African countries amid waning ties with its former colonies on the continent.Africa’s richest man, Nigerian industrialist Aliko Dangote, was in attendance, as were executives from leading French firms TotalEnergies and Orange.The French shipping group CMA CGM committed an investment of 700 million euros ($8.2m) to modernise a terminal at the Kenyan port of Mombasa.Many have observed that the summit comes as France’s influence in Africa has faded, with French forces recently forced to withdraw from former colonies. Macron aims to renew France’s engagement with the African continent, which he said he views as a “whole”, while positioning Europe as a more reliable trade partner than China or the United States.