French President Emmanuel Macron used the opening day of the Africa Forward summit in Nairobi on Monday to unveil a €23 billion ($27 billion) investment package for the continent. This announcement, made during the two-day gathering of African heads of state and business leaders hosted by Kenya, represents the most significant French financial commitment to Africa since the colonial era.
The €23 billion investment is divided into €14 billion from public and private French funds and €9 billion pledged by African investors. The funds will be allocated to projects focused on energy transition, digital technologies and artificial intelligence, the maritime economy, and agriculture. Macron stated that this initiative could create up to 250,000 direct jobs across both France and Africa.
In his remarks, Macron emphasized the reciprocal nature of the partnership, stating, “We are not simply here to invest in Africa; we need great African business leaders to invest in France.” He highlighted that this two-way exchange supports a relationship that is now “free of hang-ups.”
Ahead of the summit, Macron shared with *The Africa Report* that colonial history should no longer serve as a blanket explanation for Africa’s challenges. While he acknowledged the responsibilities stemming from the past seven decades since independence, he urged African leaders to enhance governance and asserted that Europe’s former colonial powers are “not the predators of this century.”
The summit also allowed France to reaffirm its commitment to the restitution of African cultural artifacts looted during the colonial period. Macron announced that the process of returning such artworks had become “unstoppable” following the recent passage of a French parliamentary law that facilitates the repatriation of looted items.
Macron positioned Europe as a reliable trade partner, contrasting it with China and the United States. He cautioned that Chinese companies operate under a “predatory logic” by processing critical minerals and rare earths domestically, which creates dependencies for the rest of the world. The French president called for a reform of international finance to establish guarantees that would attract private investment into Africa, a continent he described as “full of energy and youth.”
France’s relationships with its former colonies have become strained in recent years, particularly following the withdrawal of French troops from Mali, Burkina Faso, and Niger after coups between 2020 and 2023. Macron defended the previous military presence, stating it had been requested to combat jihadist threats, and characterized the withdrawal as a logical response to changing political realities rather than a humiliation. He expressed optimism that the Sahel region would eventually return to stable, democratically elected governance.
The €23 billion pledge, along with broader diplomatic initiatives, signals a renewed French effort to re-engage with Africa on both economic and cultural fronts. Observers will closely monitor how the announced funds translate into tangible projects and whether the promised reciprocal investments come to fruition, potentially reshaping France’s role on the continent in the years to come.
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