On Thursday, Chinese President Xi Jinping announced a historic financial aid package exceeding $50 billion for Africa over the next three years. This major commitment, revealed at a summit in Beijing attended by numerous African leaders, is intended to drive economic growth and job creation across the continent.
Xi detailed that the aid package includes 360 billion yuan ($50.7 billion), comprising 210 billion yuan in credit facilities and 80 billion yuan in various forms of assistance. Additionally, he encouraged Chinese businesses to invest at least 70 billion yuan in Africa, reinforcing China’s commitment to fostering economic development through private sector engagement.
A significant goal of this financial initiative is to generate at least one million jobs in Africa. In his speech at the Great Hall of the People, Xi also pledged 1 billion yuan ($140.9 million) in emergency food aid to address immediate humanitarian needs and support public welfare across the continent. The plan includes the launch of 500 public welfare projects aimed at improving infrastructure and living conditions.
Xi emphasized that China-Africa relations are currently at their strongest, highlighting the deepening partnership between the two regions. China, as Africa’s largest trading partner, remains focused on leveraging the continent’s rich natural resources, including copper, lithium, gold, and rare earth minerals.
In addition to this broad commitment, significant progress was made on infrastructure projects. Tanzanian President Samia Suluhu Hassan secured China’s pledge to advance a long-delayed railway project linking Tanzania to Zambia, with Beijing reportedly committing $1 billion. Zimbabwe obtained pledges for enhanced cooperation in agriculture, energy, and infrastructure, including a deal to export fresh avocados to China. Kenyan President William Ruto secured promises for market access for Kenyan agricultural products and support for expanding the Standard Gauge Railway and the Rironi-Mau Summit-Malaba motorway, reflecting a continued focus on improving regional connectivity and trade.
