By Chesa Chesa
China on Thursday announced $50 billion in financial support for African countries, in addition to military aid.
President Xi Jinping pledged the support during the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing.
He said China appreciates its ties with African nations and that China and Africa should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.
The Chinese leader also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernization with Africa.
According to President Xi, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security.
“To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.
”This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas,” he said.
The Chinese leader proposed that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.
”Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.
”With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era,” President Xi stated.
