China Offers Africa $51 Billion In Fresh Funding, Promises A Million Jobs

President Xi Jinping pledged on Thursday to step up China’s support across debt-laden Africa with funding of nearly $51 billion over three years, backing for more infrastructure projects, and the creation of at least 1 million jobs.

China was ready to step up cooperation with Africa in industry, agriculture, infrastructure, trade and investment, Xi told delegates from more than 50 African nations gathered in Beijing for the three-yearly Forum on China-Africa Cooperation Summit.

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“China and Africa account for one-third of the world population. Without our modernisation, there will be no global modernisation,” Xi said.

China, the world’s biggest bilateral lender, promised to carry out three times as many infrastructure projects across resource-rich Africa despite Xi’s avowed new preference for “small and beautiful” schemes based around selling advanced and green technologies in which Chinese firms have invested heavily.

The Chinese leader committed 360 billion yuan ($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.

Smaller amounts would be provided through military aid and other projects.

At the 2021 China-Africa summit in Dakar, China promised at least $10 billion in investment and the same again in credit lines. This time, the financial assistance would be in yuan, in an apparent push to further internationalise the Chinese yuan.

(INPUTS FROM REUTERS)

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