Chinese leader Xi Jinping announced on Thursday a substantial financial commitment of over $50 billion for Africa over the next three years, aimed at strengthening cooperation in infrastructure, trade, and investment. This pledge was made during Beijing’s major summit, marking the largest such gathering since the pandemic. The China-Africa forum, which is being attended by more than 50 African leaders and UN Secretary-General António Guterres, has resulted in numerous agreements focused on infrastructure, agriculture, mining, trade, and energy.
At the forum’s opening ceremony in Beijing’s Great Hall of the People, Xi described the relationship between China and Africa as being in its “best period in history.” He detailed that the Chinese government’s financial support will amount to 360 billion yuan ($50.7 billion) over the next three years. This includes over half in credit, $11 billion in various types of assistance, and $10 billion aimed at encouraging investment by Chinese companies. Additionally, Xi pledged to help create at least one million jobs in Africa.
UN Secretary-General Guterres highlighted the potential for the growing China-Africa partnership to drive advancements in renewable energy, noting China’s significant development achievements, including efforts in poverty reduction. China, a major trading partner for Africa, has invested heavily in the continent’s natural resources and infrastructure. The latest round of financial pledges includes various bilateral agreements. For example, Zambian President Hakainde Hichilema announced a deal with Beijing’s PowerChina to expand rooftop solar panels in Zambia.
Nigeria and China have agreed to deepen cooperation in infrastructure projects such as transportation, ports, and free trade zones. Tanzanian President Samia Suluhu Hassan secured a commitment from Xi to advance a long-stalled railway project linking Tanzania with Zambia, with reports indicating a $1 billion pledge. Zimbabwe received promises for enhanced cooperation in agriculture, mining, and infrastructure, including a new deal for exporting fresh avocados to China. Kenyan leader William Ruto achieved agreements to open Chinese markets to Kenyan agricultural products and to collaborate on the expansion of key infrastructure projects, including the Standard Gauge Railway and the Rironi-Mau Summit-Malaba motorway, which is expected to cost $1.2 billion. The ongoing financial and infrastructure support is part of China’s broader strategy to bolster its economic ties with African nations.
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