President Xi Jinping Commits $51 Billion in New Financing and Major Infrastructure Projects for Africa

On Thursday, September 5, Chinese President Xi Jinping announced a bold commitment of $51 billion in new financing to Africa, along with support for 30 key infrastructure projects across the continent. In a speech delivered at the China-Africa Cooperation Summit, Xi also pledged to create over 1 million jobs, further strengthening the growing partnership between China and Africa.

Addressing delegates from more than 50 African nations, Xi assured that China—boasting a $19 trillion economy—will, will unilaterally enhance market access for African goods, fostering greater trade between the two regions.

Expanding Cooperation: Clean Energy, Infrastructure, and Trade

The Forum on China-Africa Cooperation Summit (FOCAC), hosted in Beijing this year, sets the strategic agenda for the next three years of collaboration between China and Africa. With Africa being the world’s fastest-growing continent and China the second-largest economy, the partnership has never been more crucial.

At the opening ceremony of the summit, Xi unveiled plans for 30 clean energy projects across Africa. These initiatives aim to support Africa’s transition to sustainable energy sources and complement the continent’s nuclear energy ambitions. By addressing Africa’s persistent energy deficits, Xi believes these efforts will help accelerate industrialization and economic growth across the continent.

China also committed to implementing 30 major infrastructure projects designed to enhance connectivity between African nations. Xi emphasized the importance of developing a China-Africa network that integrates land and sea links, supporting coordinated development and smoother logistics across the continent.

“We are prepared to assist in the development of the African Continental Free Trade Area and deepen logistical and financial cooperation to promote trans-regional growth in Africa,” Xi said.

Financial Support and Investment Commitments

China's financial package to Africa includes an impressive 360 billion yuan ($50.72 billion) in financial assistance. Of this amount, 210 billion yuan will be allocated through credit lines, while at least 70 billion yuan will come in the form of direct investment from Chinese companies. The funding will target key areas such as infrastructure, energy, and industrial development, with additional allocations for military aid and other cooperative projects.

President Xi's speech reinforces China's long-standing support for Africa’s economic development, emphasizing the mutual benefits of deepening economic ties. The significant financial commitments and infrastructure projects highlight China’s strategic interest in Africa's growth, positioning the two regions for stronger cooperation in the years to come.