China offers Africa billions in fresh financing, promises 1 million jobs
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Mr Xi (centre) and his wife standing for a group photo with leaders from African countries in Beijing, China, on Sept 4.
PHOTO: REUTERS
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BEIJING - Chinese President Xi Jinping on Sept 5 pledged US$51 billion (S$66 billion) in fresh financing to Africa and support for 30 infrastructure projects across the resource-rich continent, and promised to create at least one million jobs.
In a speech at a major China-Africa cooperation summit, Mr Xi promised delegrates from more than 50 African nations that the US$19 trillion Chinese economy will unilaterally improve access to its market for African trade.
The Forum on China-Africa Cooperation Summit, held in Beijing in 2024, sets a three-year agenda for ties between the world’s second-largest economy and the world’s fastest-growing continent.
Speaking at the opening ceremony of the summit, Mr Xi said China is ready to launch 30 clean energy projects in Africa and support the continent’s nuclear energy goals, helping address a power deficit that has long held back Africa’s broader industrialisation objectives.
China is also prepared to carry out 30 infrastructure connectivity projects in Africa and put in place a China-Africa network featuring land-sea links and coordinated development, he said.
“We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial cooperation for the benefit of trans-regional development in Africa,” Mr Xi added.
China would extend 360 billion yuan (S$66 billion) in financial assistance to African states, 210 billion yuan of which would be disbursed through credit lines and at least 70 billion yuan in fresh investment by Chinese companies, with smaller amounts in military aid and other projects, he said. REUTERS
