China Promises $51 Billion in Support for Africa

Beijing : At the 9th session of the Forum on China-Africa Cooperation (FOCAC) summit, Chinese President Xi Jinping announced a substantial $51 billion in new financing for Africa, along with a commitment to 30 major infrastructure projects across the continent. In his keynote address to delegates from over 50 African countries, Xi reaffirmed China’s dedication to Africa’s development, pledging to create 1 million jobs and enhance market access for African trade.

China, the world’s second-largest economy, has introduced a three-year plan aimed at strengthening its ties with Africa, which is experiencing rapid economic growth. Xi emphasized China’s readiness to support Africa’s industrialization goals through the launch of 30 clean energy projects and assistance in developing Africa’s nuclear power sector to address ongoing power shortages. He also advocated for improved infrastructure connectivity across Africa, proposing the creation of a China-Africa network that integrates land-sea links to foster better regional cooperation.

Xi stated, “We are prepared to support the development of the African Continental Free Trade Area and deepen logistics and financial cooperation to enhance intra-regional progress.” Of the $51 billion in aid, approximately 360 billion yuan ($50.72 billion) will be allocated, including 210 billion yuan through credit lines and at least 70 billion yuan in new investments from Chinese companies. Smaller portions of the funds will be designated for military assistance and other strategic projects.

China’s commitment underscores its role as a key partner in Africa’s quest for sustainable development, particularly as it strengthens financial and infrastructural support across the continent.