BEIJING, China: Chinese President Xi Jinping has pledged over $50 billion in financing for Africa over the next three years, along with a promise to help create one million jobs across the continent.
Speaking at the China-Africa Forum in Beijing, Xi announced the Chinese government’s plan to provide 360 billion yuan ($50.7 billion) in financial support to Africa and deepen cooperation in key sectors like infrastructure, agriculture, mining, trade, and energy.
More than 50 African leaders, including UN Secretary General Antonio Guterres, attended the forum, securing numerous agreements on infrastructure, energy, and economic projects. Xi emphasized that China-Africa relations are currently in their “best period in history” and pledged further support in various sectors to bolster development across the continent.
China is Africa’s largest trading partner, heavily involved in projects aimed at exploiting the continent’s rich natural resources, such as lithium, rare earth minerals, and gold. However, Chinese investments in Africa have faced criticism for creating significant debt burdens for several nations. To address these concerns, new agreements focus on sustainable projects, such as expanding solar energy and boosting agricultural exports.
Zambia’s President Hakainde Hichilema announced a deal with China’s PowerChina to expand rooftop solar panels, while Tanzania secured commitments for a long-stalled railway project aimed at enhancing regional transport links. Kenya’s President William Ruto also gained pledges for infrastructure development, including expanding the Standard Gauge Railway and cooperation on major road projects.
These moves reinforce China’s strategy to expand its influence in Africa, promising economic growth while fostering long-term partnerships with African nations. However, concerns about debt sustainability and economic dependency remain critical points of discussion as China continues its expansive development agenda on the continent.
