Chinese President Xi Jinping has unveiled an ambitious $50.7 billion financial support package for Africa at the 2024 Forum on China-Africa Cooperation (FOCAC) in Beijing. This comprehensive package, to be implemented over the next three years, includes 210 billion yuan ($29.5 billion) in credit lines, 80 billion yuan ($11.2 billion) in various forms of aid, and 70 billion yuan ($9.8 billion) in investments through Chinese companies.In a significant diplomatic move, Xi proposed elevating China’s relations with all African countries that have diplomatic ties to a strategic partnership level. He outlined a 10-point ‘joint action’ plan for Africa’s modernization, covering areas such as industry, trade, infrastructure, health, agriculture, cultural exchange, green development, and security. Xi emphasized, ‘China and Africa must remain united and defend their legitimate rights at a time when the world is undergoing unprecedented changes’.The package includes plans for 30 infrastructure connectivity projects, 24 digital model projects, and initiatives in green energy. Xi also announced the elimination of tariffs on products from 33 of Africa’s least developed countries, aiming to boost trade. Additionally, Xi pledged 1 billion yuan ($140 million) in military aid and promised to train 6,000 military personnel and 1,000 police officers from African countries.A key highlight of Xi’s announcement was the promise to help create at least one million jobs in Africa. This commitment, along with the broader financial package, is seen as part of China’s strategy to increase its influence on the continent, where it has already become the largest trading partner.While the summit has been largely positive, with African leaders securing deals for greater cooperation in various sectors, some analysts have noted concerns about debt levels in certain African countries. Despite these concerns, the Forum has been hailed as a significant step in China-Africa relations, with UN Secretary-General Antonio Guterres praising China’s development record and its potential to share expertise with African nations.
Key points
- Xi Jinping announced a $50.
- China proposed elevating relations with African countries to a strategic partnership level.
- Xi pledged to create at least one million jobs in Africa and outlined a 10-point modernization plan.
- The package includes infrastructure projects, tariff eliminations, and military aid.
7 billion financial support package for Africa over three years.
Contradictions👾While China promises significant financial support and job creation, some analysts express concerns about increasing debt levels in certain African countries.
