Chinese President Xi Jinping has pledged $51 billion in new financing for African countries, including loans and various types of assistance, at the Forum on China-Africa Cooperation. Xi also promised to create at least one million new jobs in Africa, positioning Beijing as a development partner for the Global South. He highlighted the success of Chinese-funded infrastructure projects in Africa and emphasized the potential for further collaboration to modernize the region.
Beijing’s efforts to expand its influence in Africa come as China faces economic and diplomatic challenges, such as a slowing economy and tensions with Western countries. China is Africa’s biggest trade partner, and the continent’s largest lender, having pledged $191 billion to African countries between 2006 and 2021. Prior to the summit, African leaders announced various deals related to cooperation on infrastructure, agriculture, mining, and energy.
During the Forum, Kenyan President William Ruto revealed plans for cooperation on the expansion of a railway and highway in his country, demonstrating the growing partnership between China and African nations. Xi’s commitments, along with the agreements made during the summit, highlight China’s increasing presence in Africa and its efforts to strengthen ties with the continent for mutual benefit and development.
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