Chinese leader, Xi Jinping, has pledged 360 billion yuan, (well over $50 billion) in financing for Africa over the next three years, promising to deepen cooperation in infrastructure and trade with the continent. At least half of that will be loan.
The Chinese said they will also help create at least a million jobs in Africa.
The commitment was made on the second day of the 9th Forum on China-Africa Cooperation Summit, which over 50 African Heads of State and governments attended, including Nigeria’s President Bola Tinubu and the United Nations Secretary-General, Antonio Guterres.
Several African countries have reportedly secured deals to strengthen their infrastructure, agriculture, mining, trade, and energy cooperation.
Jinping said that over half of the funds will be credit, then $11 billion “in various types of assistance” and $10 billion through encouraging Chinese firms to invest.
He also promised to help “create at least one million jobs for Africa.”
The Chinese leader also pledged $141 million in grants for military assistance to the continent.
Beijing would “provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa”, Xi said.
Also addressing the meeting, UN chief Guterres told African leaders that growing ties between China and the continent could “drive the renewable energy revolution.”
“China’s remarkable record of development — including eradicating poverty -– provides a wealth of experience and expertise,” he said.
Zambian President, Hakainde Hichilema, said he had overseen a deal between his country’s state-owned power company ZESCO and Beijing’s PowerChina to expand the use of rooftop solar panels in his country.
Yesterday, Nigeria inked a joint statement with China agreeing to “comprehensive strategic partnership” in infrastructure, including “transportation, ports and free trade zones.”
Tanzanian President, Samia Suluhu Hassan, obtained a commitment from Xi to push for progress on a long-stalled railway connecting his country to Zambia.
China, the world’s second-largest economy and Africa’s largest trading partner has a growing interest in the continent’s abundant natural resources such as copper, gold, lithium, and rare earth minerals.
Many African nations are already hugely indebted to China, with debt levels reaching the billions. While some Western analysts urge African countries to approach Chinese loans cautiously, the favorable terms offered by China have been irresistible to African governments despite concerns about governance challenges and financial management.
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