13 Mar 2019
French President Emmanuel Macron has pledged to invest 2.5 billion euros in Africa by means of financially aiding start-ups and small- to medium-sized enterprises by 2022, Bloomberg reports.
Writing in an emailed statement, the French Development Agency revealed the government would provide credit, technical support and equity financing for around 10,000 enterprises across Africa. The AFD and its private sector financing arm, Proparco, will manage the movement of funds.
The French President said 1 billion euros was put aside for equity investment in start-ups and SMEs.
This comes at a time when Macron is on a three-day trip to Africa, which was aimed at bettering trade relations with Ethiopia, Djibouti and Kenya. When Macron visited Djibouti on Tuesday, he promised to establish a “respectful” partnership with the former French colony, while naming it a “historical partner and strategic ally”.
Today, Macron is scheduled to meet leaders of the African Union and travel to Kenya in what will be a first-time trip by a French president in office. On Thursday, he will proceed to attend the One Planet Summit in Nairobi.