Xi promises $50b for Africa

Chinese leader Xi Jinping yesterday pledged more than $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 Covid pandemic.

More than 50 African leaders and UN Secretary-General Antonio Guterres are attending the China-Africa forum, according to state media.

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

Xi hailed ties with Africa as their “best period in history” as he addressed the leaders at the forum’s opening ceremony in Beijing’s ornate Great Hall of the People yesterday.

“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.

More than half of that will be in credit, he said, with $11 billion “in various types of assistance” as well as $10 billion through encouraging Chinese firms to invest.

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

Xi pledged $141 million in grants for military assistance, saying Beijing would “provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa”.

Guterres told the forum that growing ties between China and Africa could “drive the renewable energy revolution”.

“China’s remarkable record of development — including on eradicating poverty -– provides a wealth of experience and expertise,” he said.

Chinese foreign minister Wang Yi hailed the summit as a “complete success” at a joint news conference with his Senegalese and Congolese counterparts later.

“When China stands shoulder to shoulder alongside (its) African strategic partners, we will inevitably play a greater role in promoting prosperity for the peoples of China and Africa, and in upholding global peace and stability,” Wang said.

Congo’s Jean-Claude Gakosso described China-Africa relations as “exceptional”.

South African President Cyril Ramaphosa lauded China’s $50 billion pledge as a “great boon” for Africa.

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.