China Pledges $51 Billion to Boost African Infrastructure and Jobs

President Xi Jinping announced a $51 billion funding support for Africa, focusing on infrastructure projects, job creation, and green technologies. Speaking at the Forum on China-Africa Cooperation Summit, Xi outlined plans for 30 infrastructure and 30 clean energy projects to enhance trade and development across the continent.

President Xi Jinping committed on Thursday to bolstering Chinese support for Africa, injecting nearly $51 billion to back infrastructure initiatives and generate at least 1 million jobs. The move aims to transition from big-ticket funding to offering advanced and green technologies to developing economies.

Addressing delegates from over 50 African countries, Xi revealed plans for 30 infrastructure projects in the resource-rich continent, alongside 360 billion yuan ($50.70 billion) in financial aid. At a major China-Africa summit in Beijing, Xi affirmed China’s readiness to deepen cooperation in various sectors including industry, agriculture, and trade.

Xi called for the creation of a “China-Africa network featuring land-sea links and coordinated development,” urging Chinese contractors to return to Africa following the lifting of COVID-19 restrictions. This year, China marked its first increase in African lending since 2016, approving loans worth $4.61 billion.