Lyn Frans
Chinese President Xi Jinping has pledged a $51 billion in fresh financing to Africa. Xi, also promised to create “at least” one million jobs in Africa as he seeks to position Beijing as the development partner of choice for the Global South.
Addressing the China-Africa Cooperation Forum, Xi announced Beijing’s commitment to offer African nations 360 billion yuan ($51bn) in fresh financing and back 30 infrastructure projects to enhance connectivity throughout the continent.
Speaking to representatives from over 50 African nations assembled in Beijing for the forum, Xi announced that 210 billion yuan ($30bn) of the funding would be distributed through credit lines, with Chinese companies contributing at least 70 billion yuan ($30bn) in new investments. Additional support would come from military aid and other initiatives.
The aid will be provided in yuan, potentially aiming to increase the global use of the Chinese currency.
Xi also advocated for the establishment of a comprehensive China-Africa network comprising both land and sea connections, along with coordinated development efforts.
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“We have together built roads, railways, schools, hospitals, industrial parks and special economic zones. These projects have changed the lives and destiny of many people,” Xi told African leaders, according to the state-run Xinhua News Agency.
Xi emphasized that collaboration between Chinese and African people could achieve “new and even greater accomplishments” and lead the “modernization” of the Global South.
Following the commencement ceremony, attendees endorsed the Beijing Declaration for establishing “a shared future in the new era” and the Beijing Action Plan for 2025-2027, as reported by Xinhua.
Xi’s remarks coincide with Beijing’s efforts to enhance its influence in Africa amidst increasing economic and diplomatic differences with Western nations, notably the United States.
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This outreach by Beijing occurs as the world’s second-largest economy faces a slowdown due to challenges like a prolonged property crisis and a declining population.
China stands as Africa’s primary trading partner, receiving nearly a quarter of the continent’s exports, predominantly minerals, fuels, and metals.
Moreover, Beijing holds the title of being the largest lender to the continent, committing $191 billion to African nations from 2006 to 2021.
During the 2021 China-Africa summit in Dakar, China committed to providing at least $10 billion in investments and an equal amount in credit lines.
Source:Xinhua News Agency
