China has announced $50 billion in financial support for Africa, in addition to military aid.

Chinese President Xi Jinping announced this at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing on Thursday, September 5, 2024.

Xi said China appreciates its ties with African nations and that the country 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 modernisation 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.

The president said: “To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.

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“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, we will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.”

He further proposed that the overall characterisation 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 characterisation of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era,” Xi was quoted as saying in a statement issued by the Special Adviser to President Bola Tinubu on Media and Publicity, Ajuri Ngelale.

The Star