Chinese President Xi Jinping committed to providing 360 billion yuan (over $50 billion) in financial support to Africa over the next three years.
This pledge was made during the second day of the ninth Forum on China-Africa Cooperation Summit, a key event shaping future China-Africa relations.
Xi declared, “The China-Africa relationship is now at its best in history,” and emphasized China’s readiness to deepen cooperation in areas such as industry, agriculture, infrastructure, trade, and investment.
The summit, attended by leaders from over 50 African nations including Liberia’s President Joseph N. Boakai, South Africa’s President Cyril Ramaphosa, and Kenya’s President William Ruto, is set to finalize numerous deals on trade and investment.
Xi urged both sides to jointly advance modernization in an “open and win-win” manner.
This high-profile event underscores China’s intent to strengthen its economic ties with Africa amidst geopolitical tensions with the West.
In addition to the financial support, Xi announced that China would “encourage and support” Africa in issuing panda bonds in China.
The financial aid will be allocated as follows: 210 billion yuan in credit facilities, 80 billion yuan in various types of assistance, and 70 billion yuan in investments by Chinese firms.
This comes as China aims to bolster its economic ties with Africa and enhance its influence on the continent.
Despite the ambitious pledge, there are concerns about the execution of previous commitments.
China had not met its previous promise to purchase $300 billion of African goods by the last Forum in 2021.
However, Xi reaffirmed China’s dedication to greater solidarity with Africa, stating, “No matter how the international landscape may evolve, China shall never waver in its determination to pursue greater solidarity and cooperation with Africa.”
