President Xi Jinping announced China’s commitment to bolstering its support for debt-burdened African nations. Over the next three years, China will provide nearly $51 billion in funding, supporting infrastructure development and job creation.
Addressing delegates from over 50 African countries at the 2024 Forum on China-Africa Cooperation Summit, Xi emphasized the importance of collaboration between China and Africa, highlighting their combined significance in global modernization efforts.
China, a major global lender, pledged to triple its infrastructure projects in Africa, despite Xi’s recent focus on smaller-scale, technology-driven initiatives. The financial assistance includes 210 billion yuan in credit lines and at least 70 billion yuan in new investments by Chinese companies.
While Xi did not explicitly address debt concerns, the Action Plan adopted at the summit includes provisions for debt repayment postponements and the establishment of an African rating agency.
The summit also highlighted China’s interest in expanding connectivity and cooperation in clean energy projects, offering support for nuclear technology and addressing Africa’s power deficit.
Although Xi did not reiterate a previous pledge to purchase $300 billion worth of African goods, the increased financial assistance signals China’s continued commitment to economic engagement with the continent.
