Chinese President Xi Jinping announced a significant increase in China’s financial support for Africa, pledging $51 billion over the next three years.
Speaking at the Forum on China-Africa Cooperation Summit in Beijing, attended by representatives from over 50 African nations, Xi emphasized the importance of strengthening cooperation in critical sectors such as industry, agriculture, infrastructure, trade, and investment.
Xi highlighted that China and Africa together account for one-third of the global population, asserting that their combined modernization efforts are crucial for global progress.
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Despite a recent focus on smaller, tech-driven projects, Xi promised to triple the number of infrastructure initiatives across Africa, particularly in green and advanced technology sectors.
The financial aid package includes 360 billion yuan, with 210 billion allocated through credit lines and at least 70 billion in new investments by Chinese firms. Smaller portions will be directed to military aid and various other projects. Notably, assistance will be provided in yuan, part of China’s strategy to internationalize its currency.
Although Xi avoided directly addressing Africa's mounting debt, the Beijing Action Plan for 2025-2027 included measures like repayment postponements and advocated for creating an African credit rating agency. The summit also adopted the Beijing Declaration, focusing on building a shared future between China and Africa.
China aims to foster land and sea connectivity through 30 infrastructure projects and plans 30 clean energy projects to tackle Africa’s power challenges.
While Xi did not repeat his 2021 promise to purchase $300 billion worth of African goods, he pledged to increase market access for African exports, signaling continued Chinese investment in the continent’s development.
