Chinese leader Xi Jinping pledged more than $50 billion in financing for Africa over the next three years during Beijing’s biggest summit since the pandemic. He promised to deepen cooperation in infrastructure and trade with the continent.
Over 50 African leaders and UN Secretary General Antonio Guterres are attending the China-Africa forum this week, according to state media.
African leaders have already secured numerous deals for greater cooperation in infrastructure, agriculture, mining, trade, and energy this week.
In his address at the forum’s opening ceremony in Beijing, Xi praised the relationship between China and Africa as being in their “best period in history.” He expressed China’s readiness to deepen cooperation in various sectors with African countries.
Xi announced that the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion) over the next three years, with over half of it in credit and additional amounts through different forms of assistance and investment incentives for Chinese firms.
He also committed to helping create at least one million jobs for Africa.
UN Chief Guterres also addressed the meeting, highlighting that the growing ties between China and Africa could drive the renewable energy revolution.
– Deals and pledges –
China, Africa’s largest trading partner, has been investing in the continent’s natural resources and providing loans for infrastructure projects. Analysts suggest that Beijing’s focus on Africa may be shifting due to economic challenges at home and geopolitical concerns.
Bilateral meetings during the summit resulted in pledges for greater cooperation in various projects, including infrastructure, renewable energy, and trade.
– Expanding transport links –
Several African nations secured promises for cooperation with China on projects such as railways, solar panels, and agriculture. These projects aim to enhance transportation links and economic development in the region.
Overall, the China-Africa forum highlighted the deepening partnership between the two regions and the potential for future collaboration in various sectors.
