French government commits additional US$150m funding for African tech start-ups

AFRICA – French President Emmanuel Macron has made a new EUR130 million (US$150 million) commitment to support 500 African startups as part of a rejigged Digital Africa initiative. Launched in 2018 with the mission to equip African tech entrepreneurs with capabilities to design and scale-up ground-breaking innovations for the real economy, Digital Africa brings together startups, academia, incubators, institutional financiers,…

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French FEV Vehicle and UTAC CREAM to open first development and testing center in Africa

MOROCCO – French groups, FEV Vehicle, a powertrain developer, and UTAC CERAM, a testing specialist, are to open the first development and testing center on the African continent, in Oued Zem, Morocco. The facility will feature a variety of endurance and reliability rigs, alongside test tracks and a 4km coast-down track. Powertrain, acoustics and ADAS development facilities will also be…

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Constructions works of DEFISSOL solar power plant kicks off, financed by EU and France

BENIN – The European Commission have announced the launch of the construction of 25 MWp DEFISSOL solar power plant in Benin financed with the support of the European Union (EU) and France. This project aims to facilitate the population’s access to renewable energy at an affordable price. The mayor of the municipality of Pobè, Dinan Simon, handed over a 96-hectare…

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AFD finances Rwanda with more than US$56m for developments and response to COVID-19 pandemic

RWANDA – Rwanda and France, through the French Development Agency (AFD), have signed several financing agreements for almost 50 million euros (US$56m), to fight against COVID-19 and strengthen training professional and developing vocational training systems. This funding is part of the revival of the partnership between France and Rwanda, desired by Presidents Paul KAGAME and Emmanuel MACRON. AFD’s contribution will…

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French locomotive giant, Alstom to buy Bombardier rail unit for up to US$6.7 bn

FRANCE – Alstom SA, a French multinational company with interests in the locomotive industry, has agreed to buy the rail division of Canada’s Bombardier Inc for up to 6.2 billion euros ($6.7 billion). The agreement between Alstom and Bombardier would unite companies with an estimated $17 billion in combined revenue. Reuters reports that the acquisition will create the world’s No.…

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France partners with African start-ups, SMEs to create jobs for youths

AFRICA – As part of its initiative to help create jobs for the youth in Africa, France has partnered with Africa based start-ups and the Micro, Small and Medium Size Enterprises (MSMEs). While speaking to journalists, Mr Djalal Khimdjee, Deputy Chief Executive Officer of PROPARCO- a French Development Agency (AFD) Group said  that 450 million African Youth  would soon enter…

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Louis Vuitton owner LVMH acquires American Jeweler Tiffany for US$16.2bn

FRANCE –  LVMH, a French multinational luxury goods conglomerate and owner of the  Louis Vuitton brand  has agreed to buy Tiffany for $16.2 billion in its biggest acquisition yet. The $135-per share cash deal will boost LVMH’s smallest business, the jewellery and watch division that is already home to Bulgari and Tag Heuer, help it expand in one of the…

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France’s automotive company Sealynx inaugurates new US$24m factory in morocco’s industrial city of Tangier

MOROCCO – Sealynx Automotive Morocco, a subsidiary of French automotive company, Sealynx International (GMD group) has inaugurated a new production unit specialized in the manufacture of automotive gaskets in Tangier. The new US$24 million production unit is spread over an area of 12,600 square meters and comes with the ambition of providing more than 180 direct jobs.  Morocco’s Minister of…

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UK, France, Netherlands commit US$350m in support of Africa’s solar energy

Tunisia to join International Solar Alliance

AFRICA – France, The Netherlands and the United Kingdom have committed to invest US$350 million in solar energy and electricity storage in Africa, Afrik21 reported in September this year. The strategic investment comes at a time when Africa is relying on renewable energy to provide access to electricity for its population. Countries in sub-Saharan Africa will benefit from the new…

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Engie acquires Mobisol Solar solution company to light up Africa

KENYA – French multinational electric utility company Engie has acquired Mobisol, a Berlin-based off-grid solar solutions firm whose regional operations are headquartered in Nairobi. Mobisol is the pioneer of off-grid solar solutions to expand its decentralized energy offering in Africa. Mobisol was founded in 2011 and has operations in Tanzania, Rwanda, and Kenya. The company has installed more than 150,000…

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