March 13 2019

France Pledges $2.8 Billion African Business Investment by 2022

Source: Bloomberg

French President Emmanuel Macron has pledged to invest 2.5 billion euros ($2.8 billion) in Africa by financing and supporting startups and small- to medium-sized enterprises by 2022.

Dubbed Choose Africa, the government would support about 10,000 enterprises across the continent by providing credit, technical support and equity financing, the French Development Agency said in an emailed statement. The funds will be mobilized via the AFD and its private-sector financing arm, Proparco.

Macron, who is on a three-day trip to Africa to boost trade with Ethiopia, Djibouti and Kenya, said 1 billion euros was earmarked for equity investment in startups and SMEs.