Following the growing surge in the number of countries and foreign institutions targeting Africa with various financial activities, the French government has announced an investment package of €1 billion as a backup for the initial credit line earlier initiated.
The new fund was made public by Franck Riester, France’s Minister of Trade and Attraction on Wednesday, April 14th, 2021.
According to planned disbursement of the newly raised funds, Nigeria which is Africa’s largest economy with a relatively higher number of start-ups has been earmarked as the main Beneficiary.
The French support initiative in Africa themed Choose Africa was instituted by the government to support about 10,000 startups and small to medium-sized enterprises by the year 2022.
The initiative was launched in March 2019 with a fund commitment of 2.5 billion Euros announced by French President Emmanuel Macron to fuel it. France raises these support funds through the AFD Group and PROPARCO.