China will increase support for Africa with nearly $51 billion in financing for infrastructure initiatives in the continent, according to a President Xi Jinping. He also committed to creating at least one million jobs.
More than 50 delegates from 50 African nations are attending the major China-Africa summit in Beijing this week, according to the state media.
China also expressed the desire to shift from financing large projects to selling Chinese advanced and green technologies to developing countries.
Speaking at the China-African forum, XI told African leaders that financial assistance would facilitate 30 infrastructure projects across the continent.
“China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment,” Xi noted.
In addition to the infrastructure projects, President Xi said the Asian country will unveil 30 clean energy projects in the continent to address the power deficit that has hindered industrialization efforts.
Xi also promised to expand market access for African countries amid concerns that the market access rules are too strict.
“We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial cooperation for the benefit of trans-regional development in Africa,” Xi added.
Debt Crisis
China’s pledge comes amidst the ongoing concerns about the increased burden of debt repayments in the continent.
By the end of 2023, Africa’s total external debt stood at $1.152 trillion according to a report by the African Development Bank.
Related: Green Climate Approves $151 million to aid Climate Program in the Horn of Africa
The International Monetary Fund (IMF) continues to confront accusations of imposing difficult terms on African countries that undermine development across the continent.
As a result, African leaders are turning to Beijing for cheaper concessional loans to support continent loans.
On Tuesday, Kenya formally joined the Asian Infrastructure Investment Bank as a non-regional fully paid member.
Kenya’s President Ruto also held discussions with the China Communications Construction Company about the potential deal on the construction of the Rironi-Mau Summit-Malaba dual carriageway, the Galana-Kulalu Irrigation Project, and the extension of the SGR.
Source: Reuters
