China’s President Xi Pledges Over $50 Billion in Aid to Strengthen Ties with Africa

Chinese President Xi Jinping announced a commitment of over $50 billion in financing for Africa over the next three years, as part of an effort to deepen cooperation in infrastructure and trade. Speaking at Beijing’s largest summit since the pandemic, Xi underscored China’s intent to strengthen ties with the continent during the China-Africa forum, which attracted more than 50 African leaders and UN Secretary-General Antonio Guterres.

Throughout the week, African leaders have already secured numerous agreements focused on boosting cooperation in key sectors such as infrastructure, agriculture, mining, trade, and energy. During the forum’s opening ceremony in Beijing’s Great Hall of the People, Xi described the current relationship between China and Africa as the “best period in history.” He reiterated China’s readiness to enhance collaboration with African countries across various industries.

Xi elaborated on the financial support, specifying that over half of the $50.7 billion will be provided as credit, while $11 billion will be allocated for various types of assistance. Additionally, $10 billion will be funneled into encouraging Chinese companies to invest in Africa. Xi also pledged to help create at least one million jobs for the continent. UN Secretary-General Guterres, who also addressed the forum, emphasized that the growing partnership between China and Africa has the potential to drive the renewable energy revolution, highlighting China’s success in development and poverty eradication.