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Chinese President Xi Jinping has announced a significant $50 billion financing package for Africa over the next three years, marking a new chapter in the China-Africa relationship.
Speaking at the China-Africa forum in Beijing on Thursday, Xi emphasized the importance of deepening cooperation in infrastructure, industry, trade, and agriculture between the two regions.
He described China’s relationship with Africa as being in the “best period in history,” and expressed China’s readiness to support the continent’s development through financial assistance and investments.
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Xi outlined the specifics of the $50 billion package, which includes $11 billion in various types of assistance, alongside a push to encourage Chinese firms to invest $10 billion in Africa.
Additionally, more than half of the financial support will be offered in the form of credit.
“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment,” Xi stated.
Beyond economic collaboration, the Chinese leader also promised to create at least one million jobs for Africans and allocated $141 million for military assistance, including the training of 6,000 military personnel and 1,000 police officers from the continent.
UN Secretary-General Antonio Guterres, also present at the forum, hailed the growing ties between China and Africa, stating that they could be pivotal in driving the renewable energy revolution.
Guterres added, “China’s remarkable record of development — including on eradicating poverty — provides a wealth of experience and expertise.”
This pledge further solidifies China’s position as Africa’s largest trading partner, with the country aiming to tap into Africa’s vast resources, including gold, copper, and rare earth minerals, while fostering development across the continent.
