Xi Jinping Unveils $51 Billion Support Package for Africa, Promises a Million Jobs at China-Africa Summit
Chinese President Xi Jinping announced on Thursday a significant boost in support for Africa, pledging nearly $51 billion (about Ksh.6.6 trillion) over the next three years. This commitment includes funding for additional infrastructure projects and the creation of at least 1 million jobs.
During the three-year Forum on China-Africa Cooperation Summit in Beijing, Xi emphasized China’s readiness to enhance cooperation with Africa across various sectors such as industry, agriculture, infrastructure, trade, and investment, addressing delegates from over 50 African nations.
Xi highlighted the global significance of China and Africa, stating that “China and Africa account for one-third of the world population. Without our modernization, there will be no global modernization.”
As the largest bilateral lender globally, China pledged to undertake three times more infrastructure projects across resource-rich Africa, despite Xi’s recent preference for smaller, high-tech projects. The focus remains on advanced and green technologies which Chinese firms have heavily invested.
Xi committed 360 billion yuan (about Ksh.6.6 trillion) in financial aid over three years. This includes 210 billion yuan in credit lines and at least 70 billion yuan in new investments from Chinese companies, with additional smaller amounts allocated for military aid and other projects.
At the 2021 China-Africa summit in Dakar, China had promised $10 billion (Ksh.1.3 billion) in both investment and credit lines. The new financial assistance will be provided in yuan, reflecting a move to further internationalize the Chinese currency.
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Following the summit’s opening ceremony, delegates endorsed the Beijing Declaration, which outlines “a shared future in the new era,” and the Beijing Action Plan for 2025-2027, according to Chinese state media.
Xi also advocated for the development of a China-Africa network of land and sea links and coordinated development. He urged Chinese contractors to return to Africa as COVID-19 restrictions that had affected projects were lifted.
Although Xi did not address debt directly in his speech, the Action Plan included provisions for repayment postponements and proposed the establishment of an African rating agency.
United Nations Secretary-General Antonio Guterres warned at the summit about the risks of social unrest due to inadequate debt relief and scarce resources in African countries.
The lending landscape varies across African nations, with Gulf states like Saudi Arabia following China in countries such as Ethiopia. Kenya, for example, has multiple creditors, including European nations and multilateral bodies like the World Bank.
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The forum outlined a three-year plan for China and all African countries except Eswatini, which maintains ties with Taiwan. Xi announced plans for 30 infrastructure connectivity projects and 30 clean energy projects in Africa, including cooperation on nuclear technology to address the power deficit that hampers industrialization.
However, Xi did not renew his 2021 pledge to purchase $300 billion (Ksh.38.7 trillion) worth of African goods, instead focusing on expanding market access unilaterally. Analysts note that China’s stringent plant sanitary checks have hindered this commitment.
Despite this, China is expected to increase its financial support to Africa. Last year, China approved $4.61 billion in loans to the continent, marking the first annual increase since 2016.
Princess Dugba, Sierra Leone’s fisheries and marine resources minister, expressed enthusiasm about the relationship with China, noting that “China is getting us a fish harbor, which is one of the first of its kind.”
Xi Jinping Unveils $51 Billion Support Package for Africa, Promises a Million Jobs at China-Africa Summit
