Faith Nyasuguta
In a bold move to deepen China-Africa relations, President Xi Jinping on Thursday announced a massive $50 billion funding package for the African continent while pledging to elevate bilateral ties to a “strategic level.” Speaking at the 9th Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, Xi outlined a vision for a strengthened partnership marked by mutual growth and cooperation.
The Chinese government committed to providing RMB 360 billion ($50.7 billion) in financial aid to African nations over the next three years, including $11 billion in grants and $10 billion in direct investments by Chinese firms. The rest of the funding will be in the form of credit, signaling China’s intent to bolster economic ties and foster development across Africa.
STRATEGIC ALLIANCE FOR A ‘NEW ERA’
Hosting the largest diplomatic gathering between China and Africa to date, Xi emphasized that relations between the two are “at their best in history.” He proposed elevating ties with all African countries to the level of “strategic relations” and described the new partnership as an “all-weather China-Africa community with a shared future for the new era.”
The summit’s Action Plan outlined 10 key areas where China and African nations will collaborate. These areas include industrial chain cooperation, green development, and common security, with a focus on modernization that is fair, inclusive, sustainable, and secure.
NO ‘SELFISH INTERESTS,’ JUST A SHARED FUTURE
During the summit, Xi met with UN Secretary-General Antonio Guterres, assuring him that China’s involvement in Africa is driven by the desire to boost the continent’s development and improve the quality of life for its people. “China seeks no selfish interest in Africa,” Xi declared, emphasizing that the new initiatives are intended to help African nations achieve peace, stability, and prosperity.
China’s commitment is backed by its history of infrastructure development across Africa. Since FOCAC’s inception in 2000, China has constructed over 100,000 kilometers of highways, 10,000 kilometers of railways, more than 200 schools, 130 hospitals, nearly 100 ports, and 50 stadiums. These projects reflect China’s growing influence and its role as a critical partner in Africa’s development journey.
A CONTINUING LEGACY OF INVESTMENT
China’s new funding is just the latest chapter in its extensive engagement with Africa. The Boston University Global Development Policy Center reports that Chinese lenders have provided 1,306 loans worth $182.28 billion to 49 African countries and seven regional entities since 2000. Additionally, the China-Africa Development Fund, established in 2006, continues to support investment across the continent.
President Xi’s announcement signifies a renewed commitment to fostering a partnership with Africa that extends beyond financial aid. As the world looks on, China’s pledge aims to position itself as a crucial ally to African nations, promising growth, development, and a shared vision for a brighter future.
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