East Africa’s New Investment Race: Ports, Power, AI and Regional Capital

NAIROBI — A high-level summit in Kenya has put one of Africa’s most important economic arguments back at the centre of global investment debate: the continent is not short of opportunities, but it continues to face some of the world’s most difficult conditions for accessing affordable capital.

The Africa Forward Summit 2026, held in Nairobi on May 11–12, brought together French President Emmanuel Macron, Kenyan President William Ruto, more than 30 African delegations, business leaders, investors, international financial institutions and development partners. The summit was organised around Africa–France partnerships for innovation and growth, with official themes including energy transition and green industrialisation, reform of the international financial architecture, blue economy, sustainable agriculture, artificial intelligence and digital technologies, health, and industrialisation.

But behind the formal summit language, a sharper question is emerging: can Africa change the way global capital sees risk?

Reuters reported that African leaders used the Nairobi gathering to call for a rethink of how financial risk is priced on the continent. Kenya’s Foreign Minister Musalia Mudavadi told Reuters that African governments and businesses have often faced higher borrowing costs because the continent is perceived as a high-risk region. African leaders argue that this perception raises the cost of credit, discourages investment and slows the delivery of projects that could create jobs and expand productive capacity.

That argument matters because investment does not depend only on the availability of projects. It also depends on the price of money. A port expansion, power plant, data centre, railway, industrial park or manufacturing facility can be commercially attractive, but if financing is too expensive, the project may be delayed, scaled down or abandoned.

For Africa, the risk-pricing debate is therefore not a technical discussion for bankers. It is a development issue.

It affects the speed at which countries can build infrastructure, support industry, create employment and compete for global supply chains.

A €23 Billion Signal

The summit also produced major investment announcements. Reuters reported that President Macron announced about €23 billion, roughly $27 billion, in joint investments involving French and African companies. The package includes around €14 billion from French companies and €9 billion from African companies, with investments linked to infrastructure, clean energy, artificial intelligence, technology and other sectors.

One of the most visible commitments is the planned €700 million investment by French shipping group CMA CGM to modernise a terminal at the Port of Mombasa. Reuters reported that the announcement came during Macron’s state visit to Kenya, ahead of the summit.

For Kenya, the investment strengthens Mombasa’s role as a major regional gateway. For East Africa, it sends a wider message: the region’s next phase of economic competition will be shaped by infrastructure that can move goods faster, cheaper and more reliably.

Mombasa is not only a Kenyan asset. It is a trade artery for the wider region, handling cargo connected to inland markets across East Africa and the Great Lakes. When a port of that scale attracts large investment, the benefits can extend beyond shipping lines. It can influence warehousing, trucking, rail connectivity, fuel distribution, agricultural exports, manufacturing supply chains and regional logistics services.

This is why port investment has become a strategic issue.

Ports are no longer just places where ships dock. They are platforms for trade, industrial development and regional influence.

Why Mombasa Matters

The Mombasa investment comes at a time when East African economies are trying to strengthen their position in regional and global trade. Countries across the region are competing to attract investors who want access to the African Continental Free Trade Area, regional consumer markets and supply-chain opportunities.

Kenya is using the summit to attract French investors interested in Africa’s free trade potential and to advance discussions on a fairer global financial system, according to Reuters.

That dual focus is important. Infrastructure and finance are connected. A country can advertise regional market access, but investors still need ports, roads, reliable power, customs efficiency and financing structures that make projects viable.

Mombasa’s modernisation therefore has implications beyond Kenya. It is part of a broader East African race to build the infrastructure backbone required for trade and industrial expansion.

The lesson for the region is clear: capital will move toward countries that can reduce friction.

Faster ports reduce costs. Reliable power reduces operational risk. Efficient customs systems reduce delays. Strong digital infrastructure improves transparency. Better financing reduces the gap between opportunity and execution.

The Cost of Capital Problem

Africa’s demand for fairer risk pricing has become more urgent because many governments and companies face higher interest rates than their peers in other regions. African officials have long argued that global credit rating methodologies sometimes overstate risk on the continent, making it more expensive to borrow.

Reuters reported that leaders at the summit discussed the creation of an African credit ratings agency, which supporters say could provide a more accurate assessment of African risk. Major global rating agencies, including S&P Global Ratings, Moody’s and Fitch, reject accusations of regional bias and say they apply globally disclosed criteria.

The dispute is significant because ratings influence borrowing costs. Higher perceived risk can raise interest rates for governments, state-owned enterprises, banks and private companies. That can make infrastructure projects harder to finance and reduce the ability of African firms to expand.

The issue has already created tension. Reuters reported that the African Export-Import Bank severed ties with Fitch Ratings in January over the agency’s approach to assessing its risk.

For investors, this debate is not only political. It affects deal flow. If risk is priced too aggressively, viable African projects may fail to reach financial close. If risk is priced more accurately, more projects could attract long-term capital.