Chinese President Xi Jinping has promised to generate one million jobs in Africa. This decision was made to strengthen Beijing’s standing as a development partner for the Global South. During the Forum on China-Africa Cooperation on Thursday, Xi made a significant financial pledge. China will finance 30 infrastructure projects aimed at enhancing connectivity throughout the continent and provide African nations with an additional 360 billion yuan ($51 billion) in funding.
Speaking to more than 50 African leaders in Beijing, Xi said that 210 billion yuan ($29.6 billion) will come through credit lines. Moreover, China will provide an extra 70 billion yuan ($9.9 billion) for new investments by Chinese enterprises. The money will go toward other projects and military assistance on a lower scale. China’s intention to strengthen its currency internationally is reflected by the fact that this funding will be paid out in yuan.
Xi stressed the importance of coordinated growth and infrastructure development between China and Africa. He highlighted the positive impact of earlier projects on African living standards. According to Xi, the collaboration between Chinese and Africans could result in the achievement of new and even greater feats.
When the meeting convened, delegates endorsed the Beijing Declaration and the Beijing Action Plan for 2025–2027. This measure, which comes amid growing political and economic strains with Western countries, highlights China’s aim to increase its influence in Africa. China wants to become even more of the African continent’s largest lender and commercial partner. At the 2021 China-Africa meeting, China had already committed to significant investments and credit lines. Additionally, Kenyan President William Ruto outlined plans to create new infrastructure projects.
