By Lesedi Sibiya-Diplomatic Insider
France has noted that they intend on boosting investments in Africa, as their capital commitments have reached $61 billion in 2024 which signifies a push towards deepening economic ties with Africa which is rich in resources.
This announcement comes ahead of the Africa Forward Summit, which France intends to co-host with Kenya in Nairobi from 11-12 May 2026 which marks the first time the summit was held in a non-french speaking African state.
“France is the fourth largest investor in Africa. We have a trade that surpasses 65 billion Euros in 2024. And by the end of 2024, French investment stock in Africa will have reached 52 billion euros” said French Ambassador to Zimbabwe, Paul Bertrand Barets.
The French Ambassador to South Africa, David Martinon, announced at a press briefing on Tuesday that France intends to lend South Africa R1.9 billion in order to help rebuild collapsing cities in the country.
“France is on the verge of providing another 100 million euros (R1.9 billion) loan to the metros in South Africa,” said Martinon in the press briefing.
“So that they can actually renovate, change, reshape the way they approach service delivery in waste management and the energy transition” Martinon added.
The funding would add to the $925 million lent to South Africa by the World Bank in order to finance the South African National Treasury metro trading services programme, which will aim to improve water and sanitation, consistencies in electricity provision as well as solid-waste management services.
As much as France still has a pulling influence on Africa, much of it stems from colonial ties which has made people feel very sceptical of France’s intentions behind wanting to bolster investment in Africa.
However France and the European Union (EU) remain focused on development, climate cooperation, as well as rainforest protection which is something that is still appreciated by African leaders.
In order to address systemic underspending, the Treasury has moved to set aside R54 billion in performance linked incentives as R27.7 billion has been allocated over the medium term.