China Pledges $51 Billion in Financing and Infrastructure Support to Boost Africa's Development

Chinese President Xi Jinping announced on Thursday a significant commitment of $51 billion in new financing for Africa, alongside support for 30 infrastructure projects and the creation of at least 1 million jobs across the continent.

During the China-Africa Cooperation Summit, Xi addressed representatives from over 50 African nations, emphasizing China's intention to boost market access for African exports. China's $19 trillion economy, he noted, is poised to strengthen trade and cooperation with the world's fastest-growing continent, according to reports from foreign media sources.

The Forum on China-Africa Cooperation (FOCAC), held in Beijing this year, outlined a three-year roadmap aimed at enhancing ties between China, the second-largest economy in the world, and Africa. Xi highlighted China's commitment to launching 30 clean energy projects in Africa, further supporting the continent's ambitions in nuclear energy. These efforts are expected to help mitigate Africa's long-standing power deficit, which has been a barrier to broader industrialization. Additionally, Xi revealed China's plan to execute 30 infrastructure connectivity projects across Africa, aiming to establish a China-Africa network integrating land-sea links and fostering coordinated development. "We are ready to assist in advancing the African Continental Free Trade Area, and will work to deepen logistics and financial cooperation, facilitating trans-regional growth across Africa," Xi stated.

China's financial assistance package to Africa includes 360 billion yuan ($50.72 billion), with 210 billion allocated through credit lines and at least 70 billion designated for new investments by Chinese companies. A smaller portion of the funds will be directed towards military aid and other projects.