Chinese President Xi Jinping has made a significant commitment to Africa, pledging over $50 billion in financing over the next three years. The announcement came during a grand summit in Beijing, where dozens of African leaders gathered to discuss the strengthening economic and political ties between their continent and China.
In his speech at the opening ceremony, Xi outlined the details of the financial package. He stated that the Chinese government will provide 360 billion yuan ($50.7 billion) in support, comprising 210 billion yuan in credit facilities and 80 billion yuan in various forms of assistance. Additionally, Xi encouraged Chinese firms to invest at least 70 billion yuan in African ventures.
Beyond financial support, Xi also pledged to help create at least one million jobs in Africa. The speech further included a promise of 1 billion yuan ($140.9 million) in emergency food aid, the implementation of 500 public welfare projects, and encouragement for Chinese and African companies to invest and establish businesses in both directions.
China, currently the world’s second-largest economy, has emerged as Africa’s largest trading partner. This strong relationship has allowed China to access Africa’s vast natural resources, including copper, gold, lithium, and rare earth minerals. Xi emphasized this mutually beneficial relationship, stating, “China-Africa relations are now at their best period in history.” This summit and the substantial financial commitment underscore China’s increasing influence and engagement in Africa, aiming to further strengthen their economic and political partnerships.
