The French government have launched an initiative to develop African businesses. The initiative which is to be executed via a combination of trade instruments including; credits, loan guarantees and direct investment is worth a total 2.5 billion euros ($2.8 billion).
The “Choose Africa” plan as it is tagged, follows an earlier pledge by French President Emmanuel Macron in November 2017 to help small- and medium-sized enterprises (SMEs) grow on the African continent, Finance Minister Bruno Le Maire said.
“I am happy to launch this new phase of partnership” aimed at meeting African demographic and environmental challenges in the coming decades, Le Maire said.
The initiative is aimed at nearly 10,000 African companies via French development agency AFD and its private sector financing-arm, Proparco.
Though details of the plan were not revealed, but the AFD on its website said it would help start-ups scale up innovative ideas, and align high-potential SMEs with private partners.