Beijing, September 5 (financeflashnews.com) – Chinese President Xi Jinping pledged on Thursday to ramp up China’s support for Africa, the world’s fastest-growing continent, with a new financial package exceeding €45 billion and additional infrastructure initiatives aimed at creating at least one million jobs. This announcement comes as part of China’s continued effort to strengthen its ties with Africa, reports Reuters.
Focus on Technology and Infrastructure
China intends to shift its focus away from large-scale infrastructure financing and instead prioritize the sale of advanced and green technologies to developing economies. However, President Xi still committed to completing 30 new infrastructure projects across Africa, along with a financial aid package of 360 billion yuan (€45.77 billion) for the resource-rich continent.
Financial Aid and Investment Breakdown
| Investment/Support Area | Amount (CNY) | Amount (EUR) |
|---|---|---|
| Total financial support for Africa | 360 billion CNY | €45.77 billion |
| Credit lines | 210 billion CNY | €26.69 billion |
| Chinese company investments | 70 billion CNY | €8.89 billion |
| Smaller projects, military aid | Unspecified | Unspecified |
Expanding Cooperation
Speaking at the China-Africa summit in Beijing, Xi stated that China is ready to deepen cooperation in industries such as agriculture, trade, and infrastructure across Africa. He urged the creation of a “land and sea network” connecting China and Africa, with coordinated development as the central goal.
Xi also encouraged Chinese suppliers to return to Africa after the lifting of COVID-19 restrictions, which had disrupted earlier plans. Last year, China approved loans worth $4.61 billion for Africa as part of its ongoing financial commitments to the continent.
New Energy Projects and Free Trade
In addition to the 30 infrastructure projects, Xi pledged to launch 30 clean energy projects to help address Africa’s energy deficit, which hampers industrial growth. He also emphasized China’s readiness to help develop the African Continental Free Trade Area (AfCFTA) and improve logistics and financial cooperation to boost trans-regional development.
Market Access and Trade Rules
However, Xi did not repeat his 2021 promise from the Dakar summit to purchase $300 billion worth of African goods. Instead, he pledged to expand Africa’s market access to China unilaterally. Analysts have pointed out that Beijing’s phytosanitary rules for market access are stringent, which may hinder China’s ability to fulfill this commitment fully.
Keywords: China, Africa, financial aid, infrastructure, clean energy, Xi Jinping, Chinese investments, African Continental Free Trade Area, free trade, phytosanitary rules
