China to give Africa $50 billion over next three years, says Xi Jinping

NEWS WIRES

5 September 2024 at 12:31 am·1-min read

The China-Africa forum on Thursday produced myriad agreements between China and over 50 African nations on areas ranging from industry and agriculture to natural resources and investments, including a pledge from Chinese leader Xi Jinping that the economic powerhouse would allocate $50 billion to the continent over the next three years.

Chinese leader Xi Jinping on Thursday pledged over $50 billion in financing for Africa over the next three years, promising to deepen cooperation in infrastructure and trade with the continent as he addressed Beijing's biggest summit since the pandemic.

More than 50 African leaders and UN Secretary General Antonio Guterres are attending this week's China Africa forum, according to state media.

African leaders already secured this week a plethora of deals for greater cooperation in infrastructure, agriculture, mining, trade and energy.

Addressing the leaders at the forum's opening ceremony in Beijing's ornate Great Hall of the People on Thursday morning, Xi hailed ties with the continent as in their "best period in history".

"China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment," he said.

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

He also promised to help "create at least one million jobs for Africa".

Deals and pledges

(AFP)

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Deals and pledges

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