Macron unveils $27 billion Africa fund to rival China’s growing influence

French President Emmanuel Macron has unveiled a €23 billion ($27 billion) investment plan for Africa, targeting energy, agriculture, digital infrastructure and maritime industries as France looks to strengthen economic ties across the continent and push back against China’s growing influence. 

The announcement was made during the Africa Forward summit in Nairobi, where African leaders, investors and business executives gathered to discuss trade, infrastructure and investment opportunities in some of the world’s fastest-growing economies. 

Macron said the package would combine €14 billion ($16.4 billion) from French public and private institutions with €9 billion ($10.6 billion) from African investors.

The initiative could create as many as 250,000 direct jobs in Africa and France, according to the French president. 

The plan comes at a sensitive moment for France’s relationship with Africa.

Paris has faced growing criticism in parts of West Africa and the Sahel, where military-led governments in Mali, Burkina Faso and Niger have cut defense ties with France and pushed French troops out in recent years. 

Speaking to delegates in Nairobi, Macron said France wanted to build stronger business partnerships with African economies rather than maintain old political relationships.

“We are not simply here to come and invest on the African continent alongside you, we need the great African business leaders to come and invest in France,” he said.

France shifts focus to trade and investment 

France has increasingly turned to trade, investment and cultural diplomacy as it seeks to rebuild its standing in Africa.

The Nairobi summit reflects a broader effort by Paris to deepen commercial ties while encouraging more African investment into Europe. 

Macron said Europe wanted to present itself as a reliable long-term partner for African economies at a time of growing geopolitical competition involving China and the United States.

African markets have become increasingly important because of their young populations, expanding consumer base and large reserves of critical minerals used in global technology and energy industries.

Macron takes aim at China’s role 

Macron also drew a contrast between Europe’s approach and China’s expanding role in Africa’s mining sector.

He criticized Beijing for what he described as a “predatory logic” in the processing of strategic minerals and rare earth materials, warning that heavy dependence on one country could create economic risks for other nations. 

China has invested billions of dollars across Africa over the past two decades, financing railways, ports, highways and mining projects.

That growing presence has intensified competition among global powers seeking closer economic and political ties with African governments.

Colonialism debate returns 

The French president also touched on the legacy of colonialism, saying former colonial powers should not carry sole responsibility for Africa’s current political and economic challenges.

His remarks are likely to revive debate across the continent, where France’s historical role remains a sensitive issue. 

Macron also said the return of African artworks taken during the colonial era had become “unstoppable” after France passed legislation allowing the repatriation of looted artifacts to African countries.