What could a purpose economy built for the SME sector look like in Mozambique.

“On the $100 billion, is it enough? Let’s be very clear, no it is not enough. We have a financial gap just to catch up with the impact of COVID for the continent of Africa of $285 billion, she said. “It is genuinely an all-hands-on-deck situation.”

“We have to make the private sector attracted to go into a risky environment by de-risking investments.”

The summit was part of Macron’s efforts to recast France’s engagement in Africa, where it was once a colonial power, at a time when the continent faces a near $300 billion deficit by the end of 2023 while trying to recover from the downturn.

The African Development Bank forecasts that up to 39 million people could fall into poverty this year, with many African countries at risk of debt distress because of the pandemic.