President Xi Jinping, in a landmark announcement on Thursday, unveiled a substantial support package for Africa, a staggering total of nearly $51 billion. This significant financial commitment underscores China’s unwavering dedication to the continent.
This pledge includes funding for infrastructure projects, advanced technology, and job creation, underscoring China’s strategic pivot towards enhancing its economic and technological influence in Africa.
Addressing delegates from over 50 African nations at the Forum on China-Africa Cooperation Summit in Beijing, Xi unveiled plans to finance 30 infrastructure projects across Africa and provide 360 billion yuan (approximately $50.7 billion) in financial assistance.
President Xi Jinping, in his address, highlighted the specific areas of cooperation between China and Africa. He expressed China’s readiness to deepen collaboration in industry, agriculture, infrastructure, trade, and investment, underscoring the depth of the partnership.
He emphasized the importance of creating a “China-Africa network featuring land-sea links and coordinated development”. He encouraged Chinese contractors to return to Africa following the easing of COVID-19 restrictions that had previously disrupted their operations.
The Chinese leader outlined that 210 billion yuan of the financial aid would be distributed through credit lines, while Chinese companies would invest at least 70 billion yuan in various sectors.
Additionally, the support will include military aid and other projects, though specific figures for these components were not detailed.
This year’s summit marked a pivotal shift in China’s approach to Africa.
The country is now moving away from large-scale infrastructure projects and instead focusing on promoting advanced and green technologies, a strategic change that will shape the future of China-Africa relations.
Xi announced that China would initiate 30 clean energy projects in Africa, including cooperation on nuclear technology, to address the continent’s power deficits and support its industrialization efforts.
Xi’s announcement did not repeat his 2021 pledge to purchase $300 billion worth of African goods. Analysts have pointed to Beijing’s stringent phytosanitary rules as a barrier to fulfilling that promise.
Instead, Xi focused on expanding market access and supporting the development of the African Continental Free Trade Area.
“We are ready to assist in developing the African Continental Free Trade Area and deepen logistics and financial cooperation for the benefit of trans-regional development in Africa,” Xi added.
The Forum on China-Africa Cooperation Summit, held in the Chinese capital, outlines a three-year agenda for collaboration between China and African nations, except Eswatini, which maintains diplomatic relations with Taiwan.
This strategic engagement reflects China’s ongoing efforts to solidify its economic and technological partnerships with Africa, positioning itself as a critical player in the continent’s development and integration into the global economy.
