China Pledges $51 Billion to Africa, Promises 1 Million Jobs

Chinese President Xi Jinping has announced a $51 billion funding pledge to Africa, promising significant investments in infrastructure, industry, and clean energy initiatives, along with the creation of at least 1 million jobs. 

Speaking at the ninth Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, Xi reaffirmed China’s commitment to Africa, outlining 30 new infrastructure and 30 clean energy projects.

The funding includes 360 billion yuan ($50.70 billion) in financial assistance, with 210 billion yuan allocated through credit lines and 70 billion in fresh investments from Chinese companies. 

Xi also highlighted China’s desire to deepen cooperation in trade, agriculture, and green technologies across the continent.

China has pledged support to enhance Africa’s industrialisation, with special focus on tackling the continent’s power deficit and expanding market access for African goods. 

Xi also reaffirmed China’s support for the African Continental Free Trade Area, promising to improve logistics and financial cooperation for trans-regional development.

Additional source: CNBC AFRICA