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Over the next three years, China has committed over $50 billion in financing to African nations, aiming to bolster infrastructure, agriculture, and trade, marking a significant step in Sino-African relations.
The announcement came during the China-Africa forum in Beijing, the largest summit held since the pandemic, with over 50 African leaders and UN Secretary-General Antonio Guterres in attendance.
At the forum's opening, Chinese President Xi Jinping declared, "China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment." Xi's pledge includes financial support amounting to 360 billion yuan ($50.7 billion), with a significant portion allocated to credit facilities and assistance.
"We will provide $11 billion in various forms of aid and encourage Chinese firms to invest $10 billion," he added.
Xi also outlined plans to help create at least one million jobs across the continent, further cementing China's role in Africa's economic development.
China's Investment in African Development
The forum highlighted several key deals between African nations and China, spanning energy, mining, and transportation sectors.
Tanzania, for instance, received a commitment from Xi to revitalise a long-stalled railway project connecting the country with neighbouring Zambia, a project estimated to be worth $1 billion.
Tanzania's President Samia Suluhu Hassan hailed the commitment, emphasising its potential to enhance regional connectivity.
Nigeria, one of China's largest debtors in Africa, also secured a joint statement to "deepen cooperation" in infrastructure development, particularly in transport, ports, and free trade zones.
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This cooperation could help alleviate the pressures on Nigeria's infrastructure, which has been struggling to keep up with its rapidly growing population.
Zimbabwe and Kenya also reaped benefits from the summit. Zimbabwean President Emmerson Mnangagwa announced further cooperation with China in agriculture, mining, and energy.
Notably, the southern African nation will soon be able to export fresh avocados to China, marking a significant breakthrough for Zimbabwean farmers.
Meanwhile, Kenyan President William Ruto confirmed China's commitment to opening its markets to Kenyan agricultural products.
Additionally, China has agreed to work with Kenya on expanding the Standard Gauge Railway and developing the Rironi-Mau Summit-Malaba motorway, a $1.2 billion project that is crucial to Kenya's transport infrastructure.
A Changing Relationship
While China's investment in Africa is seen as a boon for development, it is not without controversy.
China has been Africa's largest trading partner for years, and while its loans have helped build much-needed infrastructure, they have also left several nations burdened with large debts.
As economic troubles at home mount, analysts believe Beijing is recalibrating its approach to Africa, particularly in the face of rising geopolitical tensions with the United States.
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Despite these concerns, the China-Africa forum showcased strong ties between China and African nations, with UN Secretary-General Antonio Guterres praising the relationship as a force for good.
"China's remarkable record of development — including on eradicating poverty — provides a wealth of experience and expertise," Guterres said.
He also highlighted the potential for this partnership to drive the renewable energy revolution in Africa, particularly as the continent seeks sustainable solutions for its energy needs.