Chinese President Xi Jinping promised representatives from more than 50 African nations that his government will increase the investments that have been regularly provided to the impoverished continent throughout the last decade.
Speaking at the yearly Forum on China-Africa Cooperation in Beijing on Thursday, Xi pledged $51 billion in new assistance over the next three years which he estimated would generate at least 1 million jobs.
“China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade, and investment,” Xi told attendees while maintaining that Beijing’s financial relationship with the participants is “open and win-win.”
Xi reportedly mentioned that nearly $30 billion of the funds will be allocated as loans, raising concerns about the ability of many low-income recipient states to service the debt. This apprehension has been expressed by many Western countries, which accuse the Chinese of extending credit for the purpose of gaining political leverage and control over the strategic assets of the distressed borrowers.
China is also Africa’s largest trading partner, exporting more than $173 billion worth of goods in 2023, generating a regional trade surplus of $64 billion.
