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President Macron launches €2.5bn initiative to support African SMEs

Fakoyejo Olalekan by Fakoyejo Olalekan
March 16, 2019
in Business News, Diaspora, Small Business
Emmanuel Macron, SMEs, Choose Africa, Startups Africa

French President, Emmanuel Macron

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Through a new initiative called “Choose Africa”, the French Government will contribute towards the development of the African continent.

According to the French President, Emmanuel Macron, his Government pledged to support the revolution of African entrepreneurship through the initiative which was launched yesterday.

The “Choose Africa” initiative will devote 2.5 billion euros to financing and supporting African startups, VSEs and SMEs by 2022.

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Partners in the initiative

The initiative will be coordinated by the AFD Group and Proparco. It was reported that AFD and its subsidiary will be dedicated to the private sector, while Proparco will be mobilised to support nearly 10,000 companies at different stages of their development.

Lack of finance for SMEs in Africa

By 2050, the labour market in Africa is expected to accommodate 450 million young people. Startups and small and medium-sized enterprises will play a key role in creating the much-needed Jobs’s, whilst advancing economic growth and innovation.

But to achieve this goal, SMEs will need to be supported with credit facilities, which will help them develop their ideas, grow their business, and become employers of labour.

Today, only 20% of SMEs in Africa have access to bank loans. And 87% of startups have no access to financing.

Breakdown of disbursement

1 billion euros will be invested in equity in startups, small businesses and SMEs in Africa, while 1.5 billion euros will be used to facilitate access to credit for small and medium-sized enterprises via public or private local financial institutions (microfinance institutions, banks, leasing companies, etc.).

In total, nearly 10,000 African small and medium-sized enterprises will benefit from “Choose Africa”, including 600 through equity investments.

Through this initiative, France, via AFD and Proparco, reaffirms its commitment, alongside African entrepreneurs, to engender the continent’s economic development.

SMEs will be provided equity investments and tools facilitating access to credit (through credit lines dedicated to SMEs, granted to African financial institutions, or via guarantees granted to banks to cover SME risk).

Aside from exposing SMEs to credit facility, these businesses will also offer technical support to financial institutions in their support activities for SMEs, to train companies and entrepreneurs to improve their environmental, social or governance practices.

It will also offer technical support to financial institutions in their support activities for SMEs, to train companies and entrepreneurs to improve their environmental, social or governance practices, and finally to develop accelerator and incubation networks local ecosystem support actions to develop an enabling environment for entrepreneurship and SMEs.


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Tags: Choose AfricaEmmanuel MacronFrance aidsSMEsstartups
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

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Comments 4

  1. Akam Ebolom says:
    March 16, 2019 at 3:37 pm

    This is wonderful and obviously a dream come through for africa startup enterprises. I ill like to thank president Emmanuel Macron and the French government for their support of taking africa to the next level of prosperity.

    Reply
  2. Anaturuchi says:
    March 16, 2019 at 8:20 pm

    Really interesting and encouraging to know that people outside Africa are doing this. I hope I will benefit through my startup GistGate.

    Reply
  3. Solomon says:
    March 17, 2019 at 8:35 am

    How will the money get to the end user especially Nigeria end user.

    Reply
  4. Akinwusi Folusho says:
    March 19, 2019 at 7:39 am

    This is a good project, which institutions are agents and hope the interest rate on the credit facility is fair for SME’s to be able to cover the interest and still have sufficient retained earnings….

    Reply

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