This comes amid growing competition from China, the US, Russia, Gulf among other economies Kenya is set to receive the lion’s share of a sweeping $27 billion (about Sh3.5 trillion) investment package unveiled by French President Emmanuel Macron in Nairobi. The landmark funding announced at the Africa Forward Summit in Nairobi has been described as one of the biggest Western economic re-engagement drives in Africa in recent years.
It signals a major shift in France’s relationship with Africa, moving away from traditional aid-driven cooperation toward large-scale investments, industrial partnerships and private-sector-led growth. Macron said the new partnership would focus on “co-investment, industrial transformation and building resilient economies,” as France seeks to deepen trade and commercial ties with African countries.
This comes amid growing competition from China, the United States, Russia, Gulf nations and emerging Asian economies. Out of the $27 billion package, about $16.4 billion will come from French public and private institutions, while another $10.5 billion will be mobilised through partnerships between African and French investors.
The French leader said the investments are expected to create more than 250,000 jobs across Africa and France over the coming years. Kenya emerged as one of the biggest beneficiaries of the new France-Africa economic push, with President William Ruto announcing that Kenya and France had signed 11 investment deals worth nearly Sh150 billion on Monday alone.
The agreements span green energy, transport, infrastructure, digital technology, agriculture, logistics and urban development, reinforcing Kenya’s growing position as East Africa’s economic and industrial hub. A major portion of the French investments will target renewable energy, electricity transmission, climate financing and green industrialisation.
Kenya is expected to benefit significantly due to its globally recognised leadership in geothermal energy and clean electricity generation.