Chinese President Xi Jinping has promised to provide Africa with more than $50 billion in funding over the next three years and aid in the creation of one million jobs.
Xi informed African leaders in Beijing that the Chinese government is ready to provide financial aid totaling 360 billion yuan ($50.7 billion) for the upcoming three years. Additionally, he pledged to contribute to creating at least one million jobs in Africa.
According to media reports, there will be approximately 50 African leaders and UN Secretary-General Antonio Guterres attending this week’s China Africa forum. This week, African leaders have secured numerous pledges for enhanced collaboration in infrastructure, agriculture, mining, trade, and energy.
During the forum’s opening ceremony at the Great Hall of the People in Beijing, Xi pointed out that China’s relation with the continent is now at its “best period in history”.
He stated, “China is prepared to expand cooperation with African countries in industry, agriculture, infrastructure, trade, and investment.”
China, the second-largest economy in the world, is Africa’s leading trading partner and has been striving to gain access to the continent’s numerous natural resources, such as copper, gold, lithium and rare earth minerals.
Additionally, China has provided billions in loans to African countries, which has aided in the growth of important infrastructure. However, these financial arrangements have sometimes ignited controversy by burdening governments with substantial debts.
Bilateral meetings conducted on the sidelines of the summit resulted in numerous commitments to various collaborative projects, ranging from railways to solar panels to avocados.
An agreement between Zambia’s state-owned power company ZESCO and Beijing’s PowerChina will be under supervision after discussions Wednesday, as announced by Zambian President Hakainde Hichilema, who is also responsible for overseeing the expansion of rooftop solar panels in Zambia.
A joint statement between Nigeria and China detailed their agreement to “deepen cooperation” in infrastructure, including “transportation, ports, and free trade zones”.
Tanzanian President Samia Suluhu Hassan got a promise from Xi to help speed up the progress on a long-delayed railway project that connects Tanzania to neighbouring Zambia.
The project aims to enhance transport links in the resource-rich eastern part of the continent.
According to a joint statement by the two nations, Zimbabwe also received assurances from Beijing regarding increased cooperation in agriculture, mining, environmentally-friendly traditional and new energy, and transportation infrastructure.
In addition, the southern African nation and China reached a deal to permit the export of fresh Zimbabwean avocados to China.
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