Chinese President Xi Jinping on Thursday pledged more than $50 billion in funding for Africa over the next three years and vowed to deepen infrastructure and trade cooperation with the continent as he addressed the largest summit in Beijing since the COVID-19 pandemic.
More than 50 African leaders and United Nations (UN) Secretary-General Antonio Guterres attended a China-Africa forum this week, according to state media.
African leaders have reached a series of agreements this week for greater cooperation in infrastructure, agriculture, mining, trade and energy.
Addressing leaders at the forum's opening ceremony at Beijing's Great Hall of the People on Thursday (September 5) morning, Xi hailed relations with the continent as “the best period in history”.
“China is ready to deepen cooperation with African countries in the fields of industry, agriculture, infrastructure, trade and investment,” he said.
“Over the next three years, the Chinese government is willing to provide financial support of 360 billion yuan (781.4 trillion rupiah),” Xi said.
More than half of that would come in the form of credit, he said, with $11 billion “in various forms of assistance” and $10 billion through encouraging Chinese companies to invest.
He also pledged to help “create at least one million jobs in Africa”.
Addressing the meeting, UN Secretary-General Guterres told African leaders that growing ties between China and the continent could “fuel a renewable energy revolution”.
“China’s outstanding development record – including in poverty alleviation – provides a wealth of experience and expertise,” he said.
China, the world's second-largest economy, is Africa's largest trading partner, seeking to tap the continent's vast natural resource wealth, including copper, gold, lithium and rare earth minerals. (ft/rs)
