China’s President Xi Jinping launched a $51 billion support package for Africa to rebuild its infrastructure and economy over the next three years. At the Forum on China-Africa Cooperation Summit in Beijing, China pledged to support Africa’s development through industry, agriculture, and trade.
Xi pledged 360 billion yuan ($50.70 billion) in financial aid, with 210 billion for credit lines and 70 billion for Chinese business direct investment. 30 significant infrastructure projects and 30 sustainable energy projects will be funded to address Africa’s power deficiencies and support industrial growth.
This large investment will create at least one million jobs and demonstrate China’s renewed focus on “small and beautiful” projects using modern and green technologies. The plan also promotes military aid and Yuan internationalisation.
The meeting adopted the Beijing Declaration and Beijing Action Plan for 2025-2027, which envision coordinated development, improved connectivity, and a China-Africa land and maritime network. Despite not discussing debt, the Action Plan offers repayment postponements and an African rating agency.
This vow strengthens China-Africa relations and promotes sustainable development in Africa as China increases its financing and support.
Image Credits: https://en.aletihad.ae/news/mena-world/4512982/china-offers-africa–51-billion-in-fresh-funding–promises-o
