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France Pledges $2.8 Billion African Business Investment by 2022

  • Macron targets 10,0000 enterprises across the continent
  • Paris to provide SMEs with credit, equity, technical support
Ethiopian Prime Minister Abiy Ahmed welcomes French President Emmanuel Macron in Addis Ababa on March 12.

Ethiopian Prime Minister Abiy Ahmed welcomes French President Emmanuel Macron in Addis Ababa on March 12.

Photographer: Ludovic Marin/AFP via Getty Images

French President Emmanuel Macron has pledged to invest 2.5 billion euros ($2.8 billion) in Africa by financing and supporting startups and small- to medium-sized enterprises by 2022.

Dubbed Choose Africa, the government would support about 10,000 enterprises across the continent by providing credit, technical support and equity financing, the French Development Agency said in an emailed statement. The funds will be mobilized via the AFD and its private-sector financing arm, Proparco.