China’s Xi pledges over $50B in financing for Africa over next 3 years

China’s President Xi Jinping (bottom C) speaks at the opening ceremony of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing on September 5, 2024. (Photo by GREG BAKER / AFP)

Beijing, China — Chinese leader Xi Jinping on Thursday pledged more than $50 billion in financing for Africa over the next three years and promised to help create at least a million jobs on the continent.

Xi’s comments came during a speech at the opening ceremony of a massive summit in Beijing, gathering dozens of African leaders to discuss the continent’s economic and political ties with China.

“Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion),” he told African leaders in the Great Hall of the People.

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The sum would comprise “210 billion yuan in credit facilities and 80 billion yuan in various types of assistance”, while also promoting Chinese firms to invest at least 70 billion yuan, Xi said.

The Chinese president promised to help “create at least one million jobs for Africa”.

The speech also included a pledge that China would “provide 1 billion yuan ($140.9 million) in emergency food aid… implement 500 public welfare projects, (and) encourage Chinese and African companies to invest and start businesses in both directions”.

China, the world’s number two economy, is Africa’s largest trading partner and has sought to tap the continent’s vast troves of natural resources including copper, gold, lithium and rare earth minerals.

“China-Africa relations are now at their best period in history,” Xi added in the Thursday morning speech.