Chinese President Xi Jinping has committed to providing more than $50 billion in financing for Africa in the next three years and helping create one million jobs across the continent.
Xi conveyed to African leaders in Beijing that over the next three years, the Chinese government is prepared to offer financial aid totalling 360 billion yuan ($50.7 billion). Additionally, he pledged to contribute to creating at least one million jobs in Africa.
State media reported that approximately 50 African leaders and UN Secretary-General Antonio Guterres would attend this week’s China Africa forum. This week, African leaders have secured numerous pledges for enhanced collaboration in infrastructure, agriculture, mining, trade, and energy.
During the forum’s opening ceremony at the Great Hall of the People in Beijing, Xi emphasised that China’s relationship with the continent is currently at its “best period in history.”
He stated, “China is prepared to expand cooperation with African countries in industry, agriculture, infrastructure, trade, and investment.”
As the world’s second-largest economy, China is Africa’s leading trading partner and has endeavoured to access the continent’s extensive reservoirs of natural resources, such as copper, gold, lithium, and rare earth minerals.
Moreover, China has extended billions in loans to African nations, contributing to developing vital infrastructure. However, these financial arrangements have sometimes ignited controversy by burdening governments with substantial debts.
Numerous commitments were made to various collaborative projects, ranging from railways to solar panels to avocados, in bilateral meetings conducted on the summit’s sidelines.
Following discussions on Wednesday, Zambian President Hakainde Hichilema announced the supervising of an agreement between the country’s state-owned power company ZESCO and Beijing’s PowerChina to expand the utilisation of rooftop solar panels in Zambia.
A joint statement between Nigeria and China detailed their agreement to “deepen cooperation” in infrastructure, including “transportation, ports, and free trade zones”.
Tanzanian President Samia Suluhu Hassan obtained a commitment from Xi to facilitate progress on a long-delayed railway project linking Tanzania to neighbouring Zambia. The project aims to enhance transport links in the resource-rich eastern part of the continent.
According to a joint statement by the two nations, Zimbabwe also received assurances from Beijing regarding increased cooperation in “agriculture, mining, environmentally friendly traditional and new energy, and transportation infrastructure.”
Furthermore, the southern African nation and China reached an agreement to enable the export of fresh Zimbabwean avocados to China.
Moreover, Kenyan leader William Ruto stated that Xi had pledged to open up China’s markets to agricultural products from Kenya.
The two sides also agreed to collaborate on expanding Kenya’s Standard Gauge Railway, which is funded by the Exim Bank of China and connects Nairobi to the port city of Mombasa.
As reported by Kenyan media, Ruto also secured a commitment to enhanced cooperation with China on the Rironi-Mau Summit-Malaba motorway, which is anticipated to cost $1.2 billion.
Notably, last year, Ruto requested a $1 billion loan and the restructuring of existing debt from China to finalise other stalled construction projects. Kenya currently owes China over $8 billion.