China has committed over $50 billion over the next three years in financing to African nations, aiming to bolster infrastructure, agriculture, and trade, marking a significant step in Sino-African relations.
The announcement came during the China-Africa Forum in Beijing, the largest summit held since the pandemic, with over 50 African leaders and UN Secretary-General, Antonio Guterres in attendance.
At the Forum’s opening, Chinese President Xi Jinping declared, “China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment”.
Xi’s pledge includes financial support amounting to 360 billion yuan ($50.7 billion), with a significant portion allocated to credit facilities and assistance. “We will provide $11 billion in various forms of aid and encourage Chinese firms to invest $10 billion”, he added.
Xi also outlined plans to help create at least one million jobs across the continent, further cementing China’s role in Africa’s economic development.
The Forum highlighted several key deals between African nations and China, spanning energy, mining, and transportation sectors.
Nigeria, one of China’s largest debtors in Africa, also secured a joint statement to “deepen cooperation” in infrastructure development, particularly in transport, ports, and free-trade zones. This cooperation could help alleviate the pressures on Nigeria’s infrastructure, which has been struggling to keep up with its rapidly growing population.
China has been Africa’s largest trading partner for years, and while its loans have helped build much-needed infrastructure, they have also left several nations burdened with large debts.
