Chinese President Xi Jinping announced a substantial increase in China’s support for Africa, pledging nearly $51 billion over three years to create at least 1 million jobs, at the Forum on China-Africa Cooperation Summit in Beijing, Reuters reports.
Xi emphasized the importance of China-Africa collaboration for global modernization, given that the two regions together represent a third of the world’s population. The funding will include 360 billion yuan ($50.7 billion), with 210 billion yuan allocated through credit lines and at least 70 billion yuan in new investments by Chinese companies. The funds will support a range of initiatives, including infrastructure, agriculture, trade, and technology projects. China’s new commitments include 30 infrastructure and 30 clean energy projects in Africa.
The Beijing Declaration and the Beijing Action Plan for 2025-2027 were adopted, which include provisions for debt repayment postponements and the establishment of an African rating agency. However, Xi did not address debt directly in his speech, even though China is a major lender to many African countries.
Xi also called for Chinese contractors to return to Africa as COVID-19 restrictions have been lifted. However, Xi did not renew a previous pledge from the 2021 forum to purchase $300 billion worth of African goods, citing challenges with China’s sanitary standards.
