WORLD

China-Africa Summit: Xi Pledges $50 Billion in Financial Aid

Published: Sep. 5, 2024 8:10 p.m. GMT+8

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President Xi Jinping delivers a speech at the opening ceremony of the Beijing Summit of the Forum on China-Africa Cooperation at the Great Hall of the People in Beijing on Sept. 5. Photo: Xinhua

President Xi Jinping pledged 360 billion yuan ($50.7 billion) in financial assistance to countries in Africa in the next three years, speaking at the opening ceremony of the Forum on China-Africa Cooperation (FOCAC) in Beijing on Thursday.

The support would include 210 billion yuan in lines of credit, 70 billion of investment from Chinese companies and 80 billion yuan in other forms of aid, according to a copy of Xi’s speech released by the Ministry of Foreign Affairs.

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President Xi Jinping committed 360 billion yuan ($50.7 billion) in financial aid to Africa over three years at the FOCAC opening.
The aid includes 210 billion yuan in credit lines, 70 billion from Chinese companies, and 80 billion in various forms of aid.
China will exempt tariffs for all least developed countries with diplomatic ties and aims to create 1 million jobs in Africa, boost modernization, and enhance healthcare, agriculture, and military training.

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What Happened When

2015：: During the second FOCAC leadership summit in Johannesburg, South Africa, China pledged $60 billion to the region.

2018：: The last FOCAC leadership gathering was held in Beijing, where Xi pledged $60 billion of financing to African countries.

2023：: Trade volume between China and Africa reached a record high of $282 billion, marking a 1.5% increase year-on-year.

Thursday, September 5, 2024：: President Xi Jinping pledged 360 billion yuan ($50.7 billion) in financial assistance to countries in Africa at the opening ceremony of the Forum on China-Africa Cooperation (FOCAC) in Beijing.

Thursday, September 5, 2024：: Xi said the financial support will be used to implement various modernization initiatives, including the creation of at least 1 million jobs in Africa.