China pledges USD50B to boost cooperation with Africa
(MENAFN) Chinese President Xi Jinping has committed over USD50 billion in financing to support various projects across Africa over the next three years, emphasizing China's readiness to enhance industrial, agricultural, trade, and investment ties with the resource-rich continent. In his speech at the Forum on China-Africa Cooperation in Beijing, Xi outlined plans for China and Africa to jointly undertake 30 infrastructure projects aimed at improving connectivity. The forum, attended by over 50 African leaders and UN Secretary-General Antonio Guterres, has already resulted in numerous agreements to enhance cooperation in sectors such as infrastructure, agriculture, mining, trade, and energy. Xi described the current state of China-Africa relations as the "best period in its history," underscoring his country's commitment to deepening its partnership with Africa.
Xi Jinping announced that the Chinese government is willing to provide up to 360 billion yuan (USD50.7 billion) in financial support to Africa, with over half of this amount allocated for loans. Additionally, USD11 billion will be offered as "varied aid," and another USD10 billion will be used to encourage Chinese companies to invest in Africa. As part of this initiative, Xi pledged to create at least one million jobs across the continent. He also highlighted plans for China and Africa to collaborate on green development goals, with China set to launch 30 clean energy projects to support Africa's nuclear energy ambitions and address the continent's longstanding electricity shortages, which have impeded broader industrialization efforts.
Further emphasizing his commitment to deepening China-Africa cooperation, Xi expressed China's willingness to support the development of the African Continental Free Trade Area (AfCFTA) and enhance logistical and financial ties to promote development across different regions. The Chinese leader stated that China is ready to implement 30 infrastructure projects to establish a comprehensive Chinese-African land and sea network. These initiatives aim to bolster connectivity, trade, and investment, further integrating African economies into global markets and fostering sustainable development across the continent.
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