China pledges to give Africa $51bn in fresh funding over next three years

RFI

5 September 2024 at 2:29 am·1-min read

President Xi Jinping has pledged to increase China's support to the African continent with nearly $51 billion in new funding, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.

Xi told delegates from more than 50 African nations on Thursday that China would carry out 30 infrastructure projects across the resource-rich continent, and offer 360 billion yuan ($50.7 billion) in financial assistance.

"China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment," Xi told delegates at a major China-Africa summit in Beijing.

He called for "a China-Africa network featuring land-sea links and co-ordinated development," telling Chinese contractors to return to the 1-billion-strong continent, after the lifting of Covid-19 curbs that disrupted its schemes.

China is Africa's biggest foreign investor and last year it approved loans worth $4.61 billion to Africa, in the first annual increase since 2016.

Xi said 210 billion yuan of the financing pledge would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts provided through military aid and other projects.

China rolls out the red carpet for African leaders

No promise to buy African goods

(with Reuters)

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No promise to buy African goods

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