China has pledged 360 billion yuan ($50.7 billion) in funding to Africa, the creation of up to 1 million jobs, and support for infrastructural projects.
President Xi Jinping announced this Thursday at the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, attended by leaders and representatives from over 50 African nations.
The funding is part of China’s plan to strengthen cooperation with Africa in key sectors such as industry, agriculture, trade, and investment, President Xi said.
China overtook the United States as Africa’s largest trade partner in 2009. About one-quarter of Africa’s exports go to China, with most of these exports mostly minerals, fuels and metals.
Addressing the summit delegates, President Xi said China would undertake 30 infrastructure projects, including credit lines and investments from Chinese companies. He also promised to launch 30 clean energy projects and help Africa address its power challenges.
While China promised to expand market access for African goods, Xi did not talk about his earlier commitment in 2021 to buy $300 billion worth of African products. He, however, said China is ready to “assist in the development of the African Continental Free Trade Area, and deepen logistics and financial co-operation for the benefit of trans-regional development in Africa.”
Formed in 2000, the FOCAC is a diplomatic and economic summit between China and 53 African countries. They meet every three years.
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