Africa: Chinese President Xi Jinping has promised to provide more than $50 billion over three years to African countries and create one million jobs on the continent

Chinese President Xi Jinping promised on September 5, 2024, to provide more than $50 billion over three years to African countries and create one million jobs on the continent. “In the next three years, the Chinese government wants to provide financial support of 360 billion yuan,” or $50.7 billion, he announced at the opening ceremony of the ninth edition of the Forum on China-Africa Cooperation (FOCAC), which is being held until Friday in Beijing, in the presence of around fifty African leaders. “China is ready to deepen its cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” added the head of state, indicating that Beijing’s new commitments will help “create at least one million jobs in Africa.” The Chinese leader also indicated that his country is “ready to deepen its cooperation,” considering that China-Africa relations are experiencing their “best period in history.” China has been the African continent’s largest trading partner since 2008. Bilateral trade reached $166.3 billion in 2023, according to data released by the Chinese General Administration of Customs. The Middle Kingdom also granted 1,306 loans worth $182.28 billion to 49 African governments and seven regional financial institutions between 2000 and 2023, according to The Global Development Policy Center, a think tank affiliated with Boston University (United States). These loans have helped finance many infrastructure projects, but have raised concerns about the increase in debt in several countries on the continent.