China pledges US$50bn financing for Africa

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China pledged more than US$50 billion in financing for Africa over the next three years and promised to help create at least a million jobs on the continent, President Xi Jinping said in a keynote speech at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation in Beijing on Thursday. He also proposed that bilateral relations between China and all African countries having diplomatic ties with Beijing be elevated to the level of strategic relations. "Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan (US$50.7 billion)," Xi told African leaders in the Great Hall of the People. The sum would comprise "210 billion yuan in credit facilities and 80 billion yuan in various types of assistance", while also promoting Chinese firms to invest at least 70 billion yuan, the president said. The speech also included a pledge that China would "provide 1 billion yuan (US$140.9 million) in emergency food aid... implement 500 public welfare projects, (and) encourage Chinese and African companies to invest and start businesses in both directions". Xi added that China stands ready to work with Africa to implement 10 partnership action plans in the next three years to jointly advance modernisation. The plans will cover areas such as industrial chain cooperation, health, green development, and common security. United Nations Secretary-General Antonio Guterres, who also attended the summit, said African countries' inadequate access to debt relief and scarce resources is a recipe for social unrest. He proposed "deep reforms to the outdated, ineffective and unfair international financial architecture" and further stimulus "to provide developing countries with the liquidity they need while seeking medium- and long-term solutions." Xi said the China-Africa relationship is now at its best in history, thanks to nearly 70 years of efforts from both sides. “We have always understood and supported each other, setting an example for a new type of international relations," he said. (Agencies)