Chinese President Xi Jinping has committed to providing $51 billion in new financing for African nations, including loans and various forms of aid. Xi also pledged to create “at least” one million jobs in Africa, aiming to position China as a key development partner for the Global South.
At the Forum on China-Africa Cooperation, Xi announced plans to support 30 infrastructure projects to improve connectivity across Africa. He highlighted how China and Africa have jointly built roads, railways, schools, hospitals, industrial parks, and special economic zones. These projects, Xi said, have transformed the lives of many Africans.
Xi emphasized that the collaboration between China and Africa could lead to even greater achievements and help modernize the Global South. His remarks come as China is looking to expand its influence in Africa amid growing tensions with Western countries, including the United States.
China, the world’s second-largest economy, is currently facing economic challenges like a prolonged property crisis and a declining population. Despite these difficulties, China remains Africa’s largest trading partner, with about a quarter of the continent’s exports, mainly minerals, fuels, and metals, going to China.
Beijing is also Africa’s biggest lender, having committed $191 billion to African countries between 2006 and 2021.
Ahead of the summit, African leaders announced various deals with China in sectors like infrastructure, agriculture, mining, and energy. Kenyan President William Ruto, for example, announced plans to cooperate with China on expanding the railway between Nairobi and Mombasa, as well as a highway project in western Kenya.
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