First Meeting of the French-African Foundation for Growth

The first ever meeting of French-African Foundation for Growth took place last Tuesday.

Ce mardi, c'était la toute première réunion de la « fondation franco-africaine pour la croissance ».

This article has been translated from French. Click here to read the original on RFI

Entrepreneurs, ministers, and French and African researchers all met at the Bercy Economic Ministry under the supervision of Franco-Beninese economist Lionel Zinsou in order to propose and discuss ideas.  The objective of the meeting was to deepen the Franco-African economic partnership, which already comes at too late a time for many of the participants.

France has waited too long to establish real economic partnerships with Africa.  This notion is shared by almost everyone attending the Foundation for Growth summit. Etienne Giros, Deputy Chairman of the Conseil des investisseurs français en Afrique (CIAN), states however, that "the delay in French investment that is so often spoken of remains relative. However, the African market as a whole is growing quicker than France's share of said market".

France is late to the game in Africa, lagging significantly behind China, which already dedicates around 15% of all of its foreign investment to the continent.  Yet, Etienne Giros does not see this as a threat. "China invests first and foremost in raw materials and infrastructure building in Africa," he explains. "China certainly does not have the same fundamental approach to partnership that we as French have.  I don't see China going down the road of education for instance.  Yet, these are the types of approaches that will allow one to solidify relationships with the continent going forward."

Education is one of the main, but not the only, priority for the foundation.  For Saïd Ibrahimi, the head of the Bourse de Casablanca, it is also important to support the African banking sector in order to finance companies on the continent.   Yet, French banks also lag behind in this regard.  "If you look at net banking income in some of France's largest banks you find that Africa only accounts for a small percentage of this revenue," states Ibrahimi. "The profit numbers generated from investment in Africa remain relatively low."

Investing in human capital and mobilizing private investment: this is how that French-African Foundation for Growth plans to stimulate growth.  However, six months after its creation by French President François Hollande, the Foundation has not yet committed itself to a concrete plan of action.

Translated by Matthew LaLime, Staff Intern with the Africa Program at The Wilson Center.

Photo Credit: mammal via flickr