China’s president Xi promises $50 billion for Africa over next three years

Chinese leader Xi Jinping on Thursday,  September 5, pledged over $50 billion in financing for Africa over the next three years.

More than 50 African leaders and UN Secretary-General Antonio Guterres are attending this week’s China-Africa forum, according to state media.

Addressing the leaders at the forum’s opening ceremony in Beijing’s Great Hall of the People on Thursday, Xi said ties with Africa is in their “best period in history”.

Xi promised to deepen cooperation in infrastructure and trade with Africa.

“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” Xi said.

“Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion),” Xi said.

Over half of that will be in credit, he said, with $11 billion “in various types of assistance” as well as $10 billion through encouraging Chinese firms to invest.

He also promised to help “create at least one million jobs for Africa”.

The Chinese leader pledged $141 million in grants for military assistance to the continent as well.

Beijing would “provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa”, Xi said.

Also addressing the meeting, UN chief Guterres told African leaders that growing ties between China and the continent could “drive the renewable energy revolution”.

“China’s remarkable record of development — including on eradicating poverty -– provides a wealth of experience and expertise,” he said.

China is Africa’s largest trading partner and has sought to tap the continent’s vast troves of natural resources including copper, gold, lithium and rare earth minerals.