French President Announces Billions in New African Investments

NAIROBI, Kenya (AP) — Calls for mutual respect dominated the Africa Forward Summit on Tuesday as French President Emmanuel Macron announced new investments and said sovereignty will be key in the new partnership that France hopes to build with Africa.

Investments worth €23 billion ($27 billion) will fund various sectors in Africa including, energy, AI and agriculture, Macron said, adding that €14 billion ($16.4 billion) will come from French companies and €9 billion ($10.5 billion) from African entities.

Macron said the summit marks a financial shift in relationships between the European nation and African countries, including those that once were its colonies.

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President William Ruto of Kenya, which is co-hosting the summit with France, referred to sovereignty eight times in his speech on the summit's final day. He reiterated that the days of European dependency were over for Africa in favor of mutual respect between cooperating nations.

New partnerships between the African nations and France “must not be built on dependency but on sovereign equality, not on aid or charity but on mutually beneficial investment, and not on extraction or exploitation but on win-win engagements," Ruto said.

The event, which is set to close Tuesday with a declaration that is expected to be signed by all 30 heads of state and government, comes at the height of a fallout between France and its former colonies, mostly in West Africa.

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France has long maintained a colonial policy of economic, political and military sway dubbed Françafrique, which included keeping thousands of troops in the region it controlled.

After years of criticism from leaders and opposition parties in Mali, Niger and Burkina Faso over what they described as a demeaning and heavy-handed approach, France has withdrawn most of those troops. It completed the withdrawal of troops from Senegal in July.

Macron said Paris will be respectful of each African country's independence, adding that “sovereignty and autonomy is shared, and your success is our success.”

France’s new strategy, according to Macron, is based on a shared agenda and the “days of offering assistance are behind us.”

“I’d like to focus on co-investment,” he said.

Macron hailed a strong show of unity from the African heads of state and governments as “an image of a united continent with a shared agenda.”

(The above story first appeared on LatestLY on May 12, 2026 04:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).