France-Africa: Launch of a cluster to develop finance in Africa

Jul 06, 2015

It will contribute ti develop the financial sector in Africa and France.

The AfricaFrance Foundation has launched a cluster aimed to establish an extensive network of banking and financial actors - public and private, African and French -
to turn finance into a growth catalyst in Africa and France.

The "Cluster Finances AfricaFrance " is part of a project supported by African and French Heads of State during a meeting at the Elysée Summit in 2013, aimed at creating a Franco-African Foundation to support growth and strengthen the economic relationship between Africa and France.

It will hold its first meeting on Tuesday, 7th July in Paris, on the sidelines of the "Rencontres Financières Internationales” at EUROPLACE, the representative organisation of the French financial centre.

This cluster should contribute to strengthen exchanges between France and Africa. In an interview with the Nouvel Economiste a few weeks earlier, the president of the association Lionel Zinsou explained that the African trade grows at an annual rate of 20 per cent, four times faster than trade between France and Africa. Thus, even though French exports are increasing, France is steadily losing market share.

"The result is that the Chinese have taken over. China now represents 15 per cent of African imports, while France accounts for only five per cent. Some 20 years ago, France accounted for 15 per cent of imports, and China, one per cent," he said.ADNFCR-2976-ID-801793375-ADNFCR