FRANCE has pledged to ramp up investment in Africa, where its capital commitments reached €52 billion (US$61 billion) in 2024, signalling a renewed push to deepen economic ties with the resource-rich continent.
The announcement comes ahead of the Africa Forward Summit, which France will co-host with Kenya in Nairobi from May 11 to 12 — the first time the gathering will be held in a non-Francophone country.
Addressing a press conference on Thursday, France’s ambassador to Zimbabwe, Paul Betrand BARETS, said the summit, themed “Partnerships for Innovation and Growth”, would mobilise fresh investment into African economies.
He said: “France is the fourth largest investor in Africa. We have a trade that surpasses €65 billion in 2024. And by the end of 2024, French investment stock in Africa will have reached €52 billion.
“For our countries, this Africa for France summit will be an opportunity to continue our commitment to raising private financing, de-risking investment to finance the African economies and our African partners.”
BARETS added that France, Europe’s second-largest economy, had already created significant employment opportunities through its corporate presence across Africa.
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“In 15 years, we have doubled the number of subsidiaries of French companies in Africa. We have helped to create 500 000 direct jobs through this economic presence,” he said.
“We want to develop more economic relationships with Africa. We also want to renew our partnerships and to enlarge our partnerships to parts of Africa where traditionally we haven't been as present as in French-speaking Africa.”
Kenya’s ambassador to Zimbabwe, Gertrude Angote, said Africa expected the summit to accelerate a shift from aid to investment-driven partnerships.
“And therefore, as an African continent, we have expectations, including renewed partnerships. We are looking at this opportunity as one that can help us to achieve renewed partnerships,” she said.
“As I had mentioned earlier, shifting from aid to investment-focused, equitable partnerships between France and Africa. Secondly is investment and innovation, looking even at the theme of the summit.”
With Africa home to the world’s youngest population, Angote said the continent was seeking stronger economic ties that would unlock opportunities for young entrepreneurs.
At least 60% of Africa’s population is under the age of 25, and more than 70% under 30 in sub-Saharan Africa.
“There are certain expectations that we are hoping to reap from hosting the summit in Nairobi and on African soil, and largely, really, to generate youth-led, tangible economic solutions,” she said.
“We are also looking at expectations around youth and the private sector. And here, we would like to highlight the young African entrepreneurs and African businesses as very key engines that we have existing in Africa for job creation and even for development.”
The diplomats said hosting the summit in Kenya reflected France’s push to broaden engagement beyond its traditional Francophone partners.
“For France, it is a reflection of our commitment towards a continent that we are very close to. And France is renewing its approach towards the African continent,” Barrets said.
“We also want to renew our partnerships and to enlarge our partnerships to parts of Africa where traditionally we haven't been as present as in French-speaking Africa.”
Angote added: “This summit marks a historic shift in our diplomatic relations. Being the first time this event is being hosted in an English-speaking, non-francophone African country.”
The first Africa-France Summit was held in 1973 in Paris during the tenure of French President Georges Pompidou.