Chinese leader Xi Jinping announced on Thursday that China will provide over $50 billion in financing to the continent of Africa over the next three years.
This pledge was made during the opening of the Forum on China-Africa Cooperation (FOCAC) summit in Beijing.
More than 50 African leaders, alongside UN Secretary-General Antonio Guterres, gathered at the Great Hall of the People in Beijing to discuss deepening cooperation across various sectors, including infrastructure, agriculture, mining, trade, and energy.
Xi emphasized that the relationship between China and Africa is currently at its “best period in history.” He expressed China’s readiness to enhance collaboration in multiple domains, stating, “Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion).”
He detailed that more than half of this funding will be allocated as credit, with an additional $11 billion designated for various types of assistance and $10 billion aimed at encouraging Chinese firms to invest in Africa.
In a further commitment to the continent’s development, Xi pledged to help “create at least one million jobs for Africa,” highlighting China’s role in fostering economic growth and stability in the region.
UN Secretary-General Guterres also addressed the summit, noting that the growing ties between China and Africa could significantly contribute to a renewable energy revolution. He praised China’s achievements in development, particularly in poverty eradication, and highlighted the valuable experience and expertise it can offer African nations.
As the world’s second-largest economy, China has established itself as Africa’s largest trading partner, seeking to leverage the continent’s abundant natural resources, including copper, gold, lithium, and rare earth minerals. The Chinese government has previously extended billions in loans to various African countries, facilitating the construction of essential infrastructure.
