French president announces $27B in investments for Africa

French President Emmanuel Macron on Monday announced €23 billion ($27 billion) in investments for Africa, including €14 billion ($16 billion) from France, according to broadcaster BFM TV.

Macron said that €14 billion of the €23 billion-investment would be in strictly French private and public investments as he closed the Africa Forward business forum in Nairobi, Kenya.

Citing the Elysee Palace, the broadcaster reported that the investment coming from France would include private-sector actors as well as projects developed by French development aid operators.

The remaining €9 billion ($10.5 billion) will come from African investors.

“These investments will create more than 250,000 direct jobs in France and Africa,” Macron further said.

He described the investments as a “change in approach” as he advocated for relations between France and Africa.

"Many solutions are made in the United States or in China,” Macron said, adding: “I believe we are engaged in a common struggle (…) which consists of building our strategic autonomy for Europe and Africa. And if we build it together, we will be much stronger.”