China’s Xi Jinping Pledges Over $50 Billion Financial Support for Africa

Chinese leader Xi Jinping pledged over $50 billion in financing for Africa over the next three years, promising to enhance cooperation in infrastructure and trade during Beijing’s largest summit since the pandemic.

EKO HOT BLOG reports that more than 50 African leaders, along with UN Secretary General Antonio Guterres, are attending this week’s China-Africa forum, according to state media.

African leaders have already secured numerous deals this week to boost collaboration in infrastructure, agriculture, mining, trade, and energy.

Speaking at the forum’s opening ceremony in Beijing’s Great Hall of the People, Xi described China’s relationship with Africa as being in its “best period in history.”

“China is prepared to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment,” Xi stated.

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“Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion).”

He specified that over half of this sum will be in credit, with $11 billion allocated for various types of assistance and $10 billion dedicated to encouraging Chinese firms to invest. Xi also pledged to help create “at least one million jobs for Africa.”

In addition, Xi promised $141 million in grants for military assistance, including training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa.

UN Secretary General Guterres stressed the potential for growing China-Africa ties to drive a renewable energy revolution, citing China’s development record and expertise in poverty eradication.

Tinubu and Chinese president

China, the world’s second-largest economy, is Africa’s largest trading partner and has invested heavily in the continent’s natural resources, including copper, gold, lithium, and rare earth minerals. While these investments have helped build crucial infrastructure, they have also led to controversy over the debt burden on African governments.

Analysts suggest that China’s increased support for Africa may be influenced by domestic economic challenges and geopolitical competition with the United States.

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The summit’s sidelines saw several significant agreements. Zambian President Hakainde Hichilema oversaw a deal between Zambia’s state-owned power company ZESCO and Beijing’s PowerChina to expand rooftop solar panel use in Zambia.

Nigeria, one of China’s major debtors in Africa, and China agreed to enhance cooperation in infrastructure, including transportation, ports, and free trade zones.

Tanzanian President Samia Suluhu Hassan secured a commitment from Xi to advance a delayed railway project linking Tanzania to Zambia. This project, reported to receive a $1 billion pledge from Beijing, aims to improve transport links in eastern Africa.

Zimbabwe also secured promises for increased cooperation in agriculture, mining, energy, and transportation infrastructure, including an agreement to export fresh avocados to China.

Kenyan President William Ruto obtained assurances from Xi to open Chinese markets to Kenyan agricultural products and to collaborate on expanding Kenya’s Standard Gauge Railway and the Rironi-Mau Summit-Malaba motorway, a project estimated to cost $1.2 billion. Ruto, who previously requested a $1 billion loan from China, faces over $8 billion in debt to the country.

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