(Ecofin Agency) - French President Emmanuel Macron last May 24 announced a fund worth €65 million to assist African young businesses.

“The French Development Bank (AFD) will deploy in coming weeks a specific instrument equipped with €65 million […] that will be used to fill support gap through fund-tranches estimated between €30,000 and €50,000 for startups in need,” the president specified at the opening of the Vivatech technology fair.

“African startups are skilled but largest development aid donors and funders are not adapted to this, even us, we are too slow, too reluctant,” he added expressing his desire that France “takes steps in the financing of African ecosystems’ development”.

AFD's fund will support startup projects that will be selected on a platform called Digital Africa. The head of State also announced that AFD would subsequently call for others including private donors, to participate in order to “multiply this initiative tenfold”.