Al-Sisi Calls for African Debt Reform as Macron Announces €23bn Investment

At the Africa-France summit in Nairobi, Egyptian President Abdel Fattah Al-Sisi urged immediate reforms to the international financial architecture, warning that many African nations spend more on debt service than on health and education combined. He advocated for mechanisms like debt-for-development swaps to break the sovereign debt cycle. In response to these demands for equitable financial structures, French President Emmanuel Macron announced €23 billion in mutual investments involving French and African firms. The funds target energy transition, agriculture, and artificial intelligence, aiming to create 250,000 jobs. Macron framed the initiative as a partnership of equals, supporting a first-loss guarantee mechanism to de-risk lending and lower borrowing costs for African countries. The summit, attended by leaders including Kenyan President William Ruto and UN Secretary-General Antonio Guterres, highlighted the link between peace and development. Al-Sisi also emphasized the need to support nascent African industries and activate the African Continental Free Trade Area, noting Egypt's ongoing economic reforms and infrastructure development to serve as a continental gateway.