Chinese leader Xi Jinping announced on Thursday, September 5, that China will provide over $50 billion in financing to Africa over the next three years.
More than 50 African leaders and UN Secretary-General Antonio Guterres are attending this week’s China-Africa forum, according to state media.
Speaking at the forum’s opening ceremony in Beijing’s Great Hall of the People, Xi stated that relations with Africa are at their “best period in history.”
Xi promised to strengthen cooperation with Africa in areas such as infrastructure and trade.
“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment,” Xi said.
“Over the next three years, the Chinese government is willing to provide financial support totaling 360 billion yuan ($50.7 billion),” he added.
He noted that more than half of this amount will be in credit, with $11 billion allocated for various types of assistance and $10 billion to encourage Chinese firms to invest.
Xi also promised to help “create at least one million jobs for Africa.”
In addition, he pledged $141 million in grants for military assistance and stated that Beijing would “provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa.”
UN Secretary-General Guterres, also addressing the meeting, told African leaders that the growing China-Africa ties could “drive the renewable energy revolution.”
“China’s remarkable record of development, including its success in eradicating poverty, provides a wealth of experience and expertise,” he said.
China is Africa’s largest trading partner and has been seeking to access the continent’s vast natural resources, including copper, gold, lithium, and rare earth minerals.
