China’s President Xi Promises $50 billion For Africa Over Next Three Years

On Thursday, September 5, Chinese leader Xi Jinping announced a commitment of over $50 billion in financing for Africa over the next three years.

This week’s China-Africa forum, taking place in Beijing’s Great Hall of the People, is being attended by more than 50 African leaders and UN Secretary-General Antonio Guterres, as reported by state media.

In his opening address, Xi highlighted that the relationship between China and Africa is at its “best period in history” and expressed a commitment to enhancing cooperation in infrastructure and trade.

“China is prepared to deepen collaboration with African nations in areas such as industry, agriculture, infrastructure, trade, and investment,” Xi stated.

He revealed that the Chinese government will provide financial support totaling 360 billion yuan ($50.7 billion) over the next three years. More than half of this amount will be allocated as credit, with $11 billion designated for various types of assistance and $10 billion aimed at encouraging investment by Chinese companies.

Additionally, Xi promised to create “at least one million jobs for Africa” and announced $141 million in grants for military assistance, including training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa.

UN Secretary-General Guterres, also addressing the forum, suggested that the strengthening of China-Africa ties could “drive the renewable energy revolution,” praising China’s significant achievements in development and poverty reduction.

China remains Africa’s largest trading partner and has been actively engaging with the continent to access its extensive natural resources, including copper, gold, lithium, and rare earth minerals.