Chinese President Xi Jinping announced that Africa will receive over $50 billion in financing over the next three years to strengthen cooperation in infrastructure, trade, and development.
The announcement was made during Beijing’s largest summit since the pandemic, the China-Africa Forum, attended by more than 50 African leaders and UN Secretary-General António Guterres.
Speaking at the Great Hall of the People in Beijing, Xi emphasized that China’s relationship with Africa is currently in its “best period in history.”
He expressed China’s readiness to deepen collaboration with African countries across various sectors, including industry, agriculture, infrastructure, and investment.
Xi committed 360 billion yuan ($50.7 billion) in financial support, with more than half of this amount to be provided as credit. An additional $11 billion will be allocated for various forms of assistance, and $10 billion will be channeled through Chinese firms investing in Africa.
He also promised to help create at least one million jobs on the continent.
In addition to financial aid, China pledged $141 million in military assistance. This will include training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa.
UN Secretary-General Guterres, also addressing the forum, noted that the growing partnership between China and Africa could significantly contribute to driving the renewable energy revolution.
He praised China’s development achievements, especially in poverty eradication, as a valuable resource for Africa’s growth.
