China pledges $51 bn to Africa

Beijing, Sept 5: At the 9th Forum on China-Africa Cooperation (FOCAC) Summit, Chinese President Xi Jinping announced $51 billion in fresh financing for Africa, alongside support for 30 key infrastructure projects across the continent. During his keynote speech to delegates from over 50 African nations, Xi reaffirmed China’s commitment to Africa’s development, pledging to create 1 million jobs and improve market access for African trade.

China, the world’s second-largest economy, laid out a three-year plan to boost ties with Africa, which has been seeing rapid economic growth. Xi highlighted China’s readiness to assist Africa in achieving industrialization goals by launching 30 clean energy projects and aiding Africa’s nuclear energy development to address the continent’s persistent power shortages.

In addition to energy, Xi promised enhanced infrastructure connectivity across Africa, with the implementation of a China-Africa network that integrates land-sea links for better regional cooperation. “We are ready to assist in the development of the African Continental Free Trade Area, deepening logistics and financial cooperation for trans-regional progress,” Xi said.

Of the $51 billion in financial assistance, 360 billion yuan ($50.72 billion) will be disbursed, including 210 billion yuan via credit lines and at least 70 billion yuan in new investments from Chinese companies. Smaller portions will be allocated to military aid and other strategic projects.

China’s ongoing efforts underscore its role as a major partner in Africa’s quest for sustainable growth, particularly as it strengthens the financial and infrastructural framework across the continent.