Chinese President Xi Jinping has pledged more than $50 billion in financial support to Africa over the next three years, aiming to expand China’s economic influence and strengthen development partnerships across the continent. The announcement was made during the Forum on China-Africa Cooperation summit in Beijing on Thursday, Sept. 5, where leaders from more than 50 African nations gathered.
China plans to enhance trade, agriculture, and infrastructure development, with a commitment to creating at least 1 million jobs.
Xi outlined a broader commitment to modernizing Africa, promising $30 billion in credit lines, $10 billion in investments by Chinese companies, and other forms of assistance, including military aid. He emphasized that modernization is a right for all nations and criticized the Western approach for causing “immense suffering” in developing countries.
China’s deeper involvement in Africa is also part of a broader strategy to boost its standing in the global south.
The move comes as China continues to position itself as Africa’s largest trading partner, overtaking the U.S. in 2009. Last year, China approved nearly $5 billion in loans, the first increase since 2016, though concerns have been raised about the rising debt burden on African nations.
In contrast, the United States committed $55 billion to Africa in 2022, focusing on health, climate change, and women’s economic participation.
Since May, the Biden-Harris administration has signed 75 deals aimed at meeting its aid goal by 2025. U.S. initiatives emphasize public health, with significant investments in HIV/AIDS treatment, malaria prevention and COVID-19 response.
Xi’s latest pledge also signals a shift in China’s approach. Moving away from larger, debt-heavy infrastructure projects, he is focusing on smaller, targeted initiatives, which he described as “small and beautiful.”
These efforts will prioritize clean energy, industrial growth, and advanced technologies, addressing Africa’s energy shortages while promoting sustainable development.
