Cairo – September 5, 2024: China will ramp up its support to the African continent, with Chinese President Xi Jinping pledging nearly $51 billion in funding over the next three years during his speech on Thursday at the Forum on China-Africa Cooperation Summit in Beijing.
He emphasized China's readiness to deepen cooperation with Africa in sectors such as industry, agriculture, and trade, highlighting the interconnectedness of the two regions.
“China and Africa account for one-third of the world population. Without our modernization, there will be no global modernization,” Xi stated.
Xi's announcement includes plans to fund infrastructure projects, support clean energy initiatives, and create at least 1 million jobs across the continent.
Yesterday, China revealed that it would grant Egypt ¥100 million (approx. $14 million) to support joint development projects between the two countries.
On Thursday, Xi committed ¥360 billion ($50.70 billion) in financial assistance over three years, but specified that ¥210 billion would be disbursed through credit lines and at least ¥70 billion in fresh investment by Chinese companies.
This is a significant increase when compared with their pledge from the 2021 China-Africa summit, where China pledged $10 billion in investment and an equal amount in credit lines.
Xi also announced plans for 30 clean energy projects and offered to collaborate on nuclear technology to address Africa's power deficit, which has hampered industrialization efforts.
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