Official announcements from Chinese government or African Union reports

Xi Jinping Pledges Over $50 Billion for Africa Over Next Three Years

Sep 5, 2024, 03:15 AM

Chinese President Xi Jinping has pledged over $50 billion in financing for Africa over the next three years. This announcement was made during the China-Africa summit in Beijing, where leaders from both regions discussed deepening industrial, agricultural, trade, and investment ties. The summit highlighted the growing diplomatic benefits of China's ties with Africa, despite concerns over debt sustainability. Xi emphasized the importance of modernization and proposed ten partnership action plans to advance this goal. The summit comes at a time when China's economy is facing a structural slowdown, with consumer confidence nearing an all-time low and high youth unemployment.