President Xi Jinping announced on Thursday that China will provide nearly $51 billion in funding to support Africa, focusing on infrastructure, green technology, and job creation. Speaking at the China-Africa summit in Beijing, Xi pledged to carry out 30 infrastructure projects and provide 360 billion yuan ($50.70 billion) in financial assistance to African nations.
Xi emphasized China’s commitment to deepen cooperation with Africa in industry, agriculture, and trade, while also creating 1 million jobs across the continent. Shifting focus from large-scale infrastructure projects, Xi highlighted the potential of advanced and green technologies that Chinese firms are ready to offer developing economies.
China’s new three-year plan for Africa includes credit lines, fresh investments, and military aid. Alongside 30 infrastructure projects, Xi promised 30 clean energy projects to help address Africa’s power shortages and industrialization delays. However, he did not restate the 2021 pledge to purchase $300 billion worth of African goods, instead promising to expand market access.
China’s collaboration with Africa will continue to target key areas such as the African Continental Free Trade Area, with the goal of boosting trans-regional development.
