In a major announcement at the 2024 Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, Chinese President Xi Jinping committed nearly $51 billion in new funding to support Africa’s development over the next three years. This financial package will be used to carry out 30 infrastructure projects across the continent and create at least 1 million jobs for African citizens.
Speaking to delegates from over 50 African nations earlier Thursday, President Xi emphasized China’s desire to transition from funding large-scale infrastructure projects to promoting advanced and green technologies developed by Chinese firms. As part of this commitment, China will launch 30 clean energy projects in Africa, including nuclear technology, to help address the continent’s power deficit and drive industrialization.
Deepening Ties and Strategic Relations
Xi told delegates that “China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade, and investment.”.
“With its future growth in mind,” Xi told the summit, “I propose that bilateral relations between China and all African countries having diplomatic ties with China be elevated to the level of strategic relations.”
He added: “The overall characterization of China-Africa relations should be elevated to an all-weather China-Africa community with a shared future for the new era.”
China is Africa’s biggest foreign investor and last year it approved loans worth $4.61 billion to Africa, in the first annual increase since 2016.
The Beijing Summit and Ninth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) is taking place from September 4 to 6, 2024. Attending the summit are the Heads of State, Government, and delegations from China and 53 African countries, along with the Chairperson of the African Union Commission and their respective ministers of foreign affairs and economic cooperation.
