China's President Xi pledges $50B funding to Africa
China’s President Xi Jinping Thursday pledged more than 50 billion US dollar in funding to the African continent, and announced elevating ties with all member nations to 'strategic level.'
During the 9th Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, Xi stated that China would provide 360 billion yuan ($50.7 billion) in financial assistance to Africa over the next three years.
This summit, the largest diplomatic event hosted by China, brought together leaders and representatives from 53 African nations for a three-day gathering that began on Wednesday.
Xi highlighted that China’s relations with African countries are currently at an all-time high. He proposed that these bilateral relations be further enhanced to a strategic level, creating what he described as an 'all-weather China-Africa community with a shared future for the new era.'
Regarding the financial support, Xi explained that more than half of the $50 billion would be offered as credit, while nearly 11 billion dollar would be allocated through various grants. Additionally, $10 billion would be invested by Chinese companies in Africa. Xi, who also serves as the head of the Chinese Communist Party, emphasized the importance of these investments for the future growth of both China and Africa.
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