France says it will invest €65 million (R948 million) in Africa to assist fast-growing technology startups scene, French President Emmanuel Macron announced on Thursday at a technology conference in Paris.
The VivaTech trade fair brings together innovators, investors and entrepreneurs.
“France is changing like crazy. And that’s why we can say that France is back,” Macro said in English to conclude the first part of his speech, according to a TechCrunch report.
“My second message is for Africa because you decided to invite Africa to VivaTech this year,” he said.
TechCrunch reported that Macron then announced that France is going to invest some public money in the most promising African startups.
“For the past six months, the French Development Agency has worked hard on this,” he said.
“And the French Development Agency is going to announce in the coming weeks a new specific program of €65 million [$76 million] in order to invest small amounts, €30,000 to €50,000 per startup.”
The World Bank recently counted some 443 African incubators — firms that back new businesses with funds and expertise — compared with around just 10 at the beginning of the decade.