China's Xi promises $50 billion for Africa over next three years

China-Africa forum: Xi Jinping pledges over $50 billion in financing for Africa, deepening cooperation in infrastructure and trade.

Chinese leader Xi Jinping on Thursday (September 5, 2024) pledged over $50 billion in financing for Africa over the next three years, promising to deepen cooperation in infrastructure and trade with the continent as he addressed Beijing's biggest summit since the pandemic.

More than 50 African leaders and UN Secretary General Antonio Guterres are attending this week's China-Africa forum, according to state media.

African leaders already secured a plethora of deals this week for greater cooperation in infrastructure, agriculture, mining, trade and energy.

Addressing the leaders at the forum's opening ceremony in Beijing's ornate Great Hall of the People on Thursday, Mr. Xi hailed ties with the continent as in their "best period in history".

"China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment," he said.

"Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion)," Mr. Xi said.

Over half of that will be in credit, he said, with $11 billion "in various types of assistance" as well as $10 billion through encouraging Chinese firms to invest.