Chinese President Xi Jinping in a landmark announcement at the Forum on China-Africa Cooperation (FOCAC) held in Beijing on September 4, 2024, pledged over $50 billion in financing to African nations over the next three years.
This massive commitment aims to bolster infrastructure, agriculture, and trade across the continent, marking a pivotal step in Sino-African relations.
During the forum, which was the largest summit since the pandemic, Xi Jinping emphasized China's readiness to deepen cooperation with African countries in various sectors.
He stated, "China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment."
The financial support, amounting to 360 billion yuan ($50.7 billion), includes substantial allocations for credit facilities and assistance. Xi further elaborated, "We will provide $11 billion in various forms of aid and encourage Chinese firms to invest $10 billion."
The forum saw the attendance of over 50 African leaders and UN Secretary-General Antonio Guterres, who praised the strong ties between China and African nations.
Guterres highlighted the potential for this partnership to drive the renewable energy revolution in Africa, particularly as the continent seeks sustainable solutions for its energy needs.
Several key deals were highlighted during the summit, spanning energy, mining, and transportation sectors.
For instance, Tanzania received a commitment from Xi to revitalize a long-stalled railway project connecting the country with neighboring Zambia, estimated to be worth $1 billion. Tanzania's President Samia Suluhu Hassan hailed the commitment, emphasizing its potential to enhance regional connectivity.
Nigeria, one of China's largest debtors in Africa, secured a joint statement to "deepen cooperation" in infrastructure development, particularly in transport, ports, and free trade zones. This cooperation could help alleviate the pressures on Nigeria's infrastructure, which has been struggling to keep up with its rapidly growing population.
Zimbabwe and Kenya also reaped benefits from the summit. Zimbabwean President Emmerson Mnangagwa announced further cooperation with China in agriculture, mining, and energy. Notably, Zimbabwe will soon be able to export fresh avocados to China, marking a major breakthrough for Zimbabwean farmers.
Meanwhile, Kenyan President William Ruto confirmed China's commitment to opening its markets to Kenyan agricultural products. Additionally, China agreed to work with Kenya on expanding the Standard Gauge Railway and developing the Rironi-Mau Summit-Malaba motorway, a $1.2 billion project crucial to Kenya's transport infrastructure.
While China's investment in Africa is seen as a boon for development, it is not without controversy. China's loans have helped build much-needed infrastructure but have also left several nations burdened with large debts.
As economic troubles at home mount, analysts believe Beijing is recalibrating its approach to Africa, particularly in the face of rising geopolitical tensions with the United States.
Despite these concerns, the China-Africa forum showcased strong ties between China and African nations, with UN Secretary-General Antonio Guterres praising the relationship as a force for good. "China's remarkable record of development — including on eradicating poverty — provides a wealth of experience and expertise," Guterres said.
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