China has pledged to provide $50.6 billion in funding to support its 10-point initiative for Africa over the next three years. This includes $21 billion in loans, $8 billion in aid, and $7 billion in Chinese company investments.
During the 9th Forum on China-Africa Cooperation (FOCAC), Chinese President Xi Jinping announced these commitments, along with a pledge to create at least one million jobs in 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).”
Debt Relief and Investment
While China’s increased investment is a positive development, the issue of debt repayment remains a concern for many African countries. UN Secretary-General Antonio Guterres emphasized the need for debt relief and increased concessional funding to support sustainable development.
China has also pledged to expand market access for African goods and to support the establishment of a continental rating agency.
Bilateral Agreements
At the FOCAC summit, China signed bilateral agreements with several African countries, including:
- Tanzania: Support for completing the TAZARA railway
- Zambia: Partnership on solar panels and railway rehabilitation
- Nigeria: Collaboration in transportation, ports, free trade zones, and agriculture
- Kenya: Cooperation on the Standard Gauge Railway and Rural Road Development
- Zimbabwe: Industrial upgrades, mineral processing, and avocado exports
- Human Rights and Global Affairs
In addition to economic cooperation, China has addressed human rights issues and global affairs. It has urged African countries to guarantee the safety of Chinese personnel and projects, supported China’s position in international organizations, and called for a more balanced representation on the UN Security Council.