By Laurie Chen
In a major announcement, President Xi Jinping has committed nearly $51 billion to enhance Chinese support to Africa, the world's second fastest-growing continent. This funding includes backing for more infrastructure projects and a promise to create at least 1 million jobs.
As the world's biggest two-way lender, Beijing is shifting its focus from funding large-scale infrastructure projects to promoting advanced and green technologies to developing economies. President Xi highlighted that China will undertake 30 infrastructure projects in Africa and provide 360 billion yuan ($50.70 billion) in financial assistance.
During a China-Africa summit in Beijing, Xi emphasized the readiness of China to deepen cooperation with Africa in various sectors such as industry, agriculture, infrastructure, trade, and investment. He also called for the establishment of a comprehensive China-Africa network for integrated development.
Furthermore, China plans to launch 30 clean energy projects in Africa, including cooperation on nuclear technology to address the continent's power deficit that has hindered industrialization efforts.
While Xi did not reiterate his previous commitment to purchase $300 billion worth of African goods, he pledged to expand market access unilaterally. Analysts point out that China's strict phytosanitary rules for market access may pose challenges in meeting this promise.
Overall, this substantial financial support from China to Africa is expected to boost economic growth, create employment opportunities, and enhance infrastructure development across the continent. It also signifies a significant step towards strengthening the long-standing partnership between China and Africa.