French President Emmanuel Macron has announced the launch of a EUR65 million (US$76.14 million) fund dedicated to providing access to small ticket funding for African startups, as part of the unveiling of a “Digital Africa” initiative. Speaking at the VivaTech conference held in Paris last week, President Macron said there is an increasing unity across Africa, which provides the basis for the launch of a comprehensive strategy aimed at collectively supporting the growth of digital ecosystems across the continent. “I call on all African entrepreneurs, from all the countries on the continent, to join this Digital Africa initiative, and to join the platform,” he said. Macron said France wishes to take on a role in the financing of African startups, with a view to further developing the entrepreneurial ecosystem on the continent. While African startups have the “energy” needed to innovate quickly, the President said the major providers of finance – including France – have not adapted to answer the needs of entrepreneurs on the ground.

Source: The North Africa Journal May 28, 2018 06:00 UTC