China pledges $51B in financing, infrastructure support for Africa

Chinese President Xi Jinping announced on Thursday a commitment of $51 billion in new financing for Africa, support for 30 infrastructure projects across the continent, and the creation of at least 1 million jobs.

Speaking at a major China-Africa cooperation summit, Xi assured delegates from over 50 African nations that China's $19 trillion economy will enhance market access for African exports, News.Az reports citing foreign media.

The Forum on China-Africa Cooperation Summit, held in Beijing this year, sets a three year agenda for ties between the world's second-largest economy and the world's fastest-growing continent.

Speaking at the opening ceremony of the summit, Xi said China is ready to launch 30 clean energy projects in Africa and also support the continent's nuclear energy goals, helping address a power deficit that has long held back Africa's broader industrialisation objectives.

China is also prepared to carry out 30 infrastructure connectivity projects in Africa and put in place a China-Africa network featuring land-sea links and coordinated development, he said.

"We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial cooperation for the benefit of trans-regional development in Africa," Xi added.

China would extend 360 billion yuan ($50.72 billion) in financial assistance to African states, 210 billion of which would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts in military aid and other projects, he said.

News.Az