The sum, equivalent to around 45 billion euros, aims to strengthen cooperation, particularly in infrastructure and trade, between China, the world’s second largest economy, and Africa.
Chinese President Xi Jinping on Thursday pledged more than $50 billion over three years to African countries, including some 50 leaders in Beijing for a summit. The sum, equivalent to about €45 billion, is aimed at strengthening cooperation, particularly in infrastructure and trade, between China, the world’s second-largest economy, and Africa.
“I think this will be a great boon for the African continent,” South African President Cyril Ramaphosa told a news conference in the Chinese capital.
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The largest diplomatic meeting held in Beijing since the Covid-19 pandemic, the summit of the Forum on China-Africa Cooperation brings together more than 50 African leaders from Wednesday to Friday, according to Chinese state media.
“Create at least one million jobs in Africa”
Relations between the Asian giant and the African continent are experiencing the “best period in their history”, Xi Jinping assured at the opening of the summit.
“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” he added.
“In the next three years, the Chinese government wants to provide financial support of 360 billion yuan” ($50.7 billion), half of which will be in the form of credits, he announced, promising to help “create at least one million jobs in Africa.”
In addition, Beijing will provide $141 million in military grants and “train 6,000 military personnel and 1,000 police and other law enforcement officers in Africa.”
“Selfish interests”
Also speaking at the summit, UN Secretary-General Antonio Guterres said China and Africa, by working together, could bring about “a renewable energy revolution.”
“China’s remarkable record in development, especially in poverty eradication, is a great source of experience and expertise,” he said.
Chinese Foreign Minister Wang Yi hailed the summit as a “complete success” during a press briefing Thursday evening with his counterparts from Senegal, Yassine Fall, and the Republic of Congo, Jean-Claude Gakosso.
“China and its 53 African strategic partners stand shoulder to shoulder and will surely play an even greater role in promoting the well-being of the Chinese and African people and safeguarding world peace and stability,” Wang Yi said.
Jean-Claude Gakosso, for his part, praised the “exemplary” and “promising” Sino-African cooperation, “an exceptional case in the history of the modern world”, citing in particular the asphalting of roads, the modernization of airports, ports and the construction of social housing.
“We want to bring a sort of restorative stone to our common edifice. A edifice that certain actors on the international scene are stubbornly trying to crack, to weaken, without regard for justice between peoples and for peace in the world and this, very often, in the name of their selfish interests,” he declared.
Loans down
China is the African continent’s largest trading partner, with $167.8 billion (€151.8 billion) in bilateral trade in the first half of 2024, according to Chinese official media.
The Asian giant has sent hundreds of thousands of workers and engineers to Africa and gained privileged access to its vast natural resources, such as copper, gold and lithium.
Loans from Chinese state-owned banks have helped finance the construction of much of the infrastructure essential to African growth. They have also contributed to increasing the debt of some countries.
However, the amount of loans granted by China to African countries last year was divided by six compared to the peaks reached in 2016, when they were close to 30 billion dollars.
Analysts say the current economic slowdown in China is forcing it to cut back on some of its investments in Africa, despite growing rivalry with the United States on the continent.
Train and ports
Xi Jinping has held one-on-one talks with a dozen African leaders in recent days, promising more cooperation on a range of projects.
On Wednesday, for example, Zambian President Hakainde Hichilema announced an agreement between the Zambian national electricity company (ZESCO) and the Chinese group PowerChina to expand the use of rooftop solar panels in his country.
Nigeria – one of the African countries that has borrowed the most from Beijing – and China have announced plans to “strengthen cooperation” in infrastructure, particularly in “transport, ports and free trade zones”.
Kenyan President William Ruto said Xi Jinping had promised to open the Chinese market to Kenyan agricultural products. The two countries also agreed to extend the railway line from the capital Nairobi to the port of Mombasa.
Last year, William Ruto asked China for a $1 billion loan and restructuring of existing debt. His country now owes China more than $8 billion.
