On Thursday, President Xi Jinping announced a significant boost in China’s support for Africa, committing nearly $51 billion in financial aid, an expansion of infrastructure projects, and the creation of at least 1 million new jobs.
These pledges were revealed during the Forum on China-Africa Cooperation Summit held in Beijing, as reported by Reuters.
China, the world’s largest lender, has also committed to tripling its infrastructure initiatives across the African continent. Although Xi has recently emphasized smaller, high-tech projects focused on green technologies, the country remains dedicated to large-scale development efforts in Africa.
In his address to delegates from over 50 African nations at the forum, Xi Jinping stated, “China is prepared to enhance cooperation with Africa across various sectors including industry, agriculture, infrastructure, trade, and investment.”
Following the summit’s opening ceremony, participants adopted the Beijing Declaration, which aims to forge an “all-weather China-Africa community with a shared future in the new era,” and approved the Beijing Action Plan for 2025-2027, according to Chinese state media.
Xi also advocated for the establishment of a “China-Africa network featuring land-sea links and coordinated development” and encouraged Chinese contractors to return to Africa now that COVID-19 restrictions have been lifted, which had previously hindered many projects.
Xi emphasized the global significance of this partnership, stating, “China and Africa together represent one-third of the world’s population. Without our modernization, global modernization will be incomplete.”
In contrast to the $10 billion in investment and $10 billion in credit lines pledged at the 2021 China-Africa summit in Dakar, this new financial aid will be provided in yuan, reflecting China’s aim to further internationalize its currency.
