China offers Africa billions in fresh financing, promises one million jobs
Thursday September 05 2024
China's President Xi Jinping, centre, shows the way to leaders from African countries as they proceed to the opening ceremony of the China Africa Forum after a group photo session at the Great Hall of the People in Beijing, China on September 5, 2024. Reuters
Chinese President Xi Jinping on Thursday pledged $51 billion in fresh financing to Africa, support for 30 infrastructure projects across the resource-rich continent, and promised to create at least one million jobs.
In a speech at a major China-Africa cooperation summit, President Xi promised delegrates from more than 50 African nations that the $19 trillion Chinese economy will unilaterally improve access to its market for African trade.
The Forum on China-Africa Cooperation Summit, held in Beijing this year, sets a three-year agenda for ties between the world's second-largest economy and the world's fastest-growing continent.
Speaking at the opening ceremony of the summit, Xi said China is ready to launch 30 clean energy projects in Africa and also support the continent's nuclear energy goals, helping address a power deficit that has long held back Africa's broader industrialisation objectives.
China is also prepared to carry out 30 infrastructure connectivity projects in Africa and put in place a China-Africa network featuring land-sea links and coordinated development, he said.
"We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial cooperation for the benefit of trans-regional development in Africa," Xi added.
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China would extend 360 billion yuan ($50.72 billion) in financial assistance to African states, 210 billion of which would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts in military aid and other projects, he said.