China promises Africa $50 billion over three years

China promises Africa $50 billion over three years

Chinese President Xi Jinping on Thursday pledged more than $50 billion over three years to African countries, including some 50 leaders in Beijing for a summit.

The sum, worth around €45 billion, is aimed at strengthening cooperation, particularly in infrastructure and trade, between China, the world’s second-largest economy, and Africa.

“I think this will be a great boon for the African continent,” South African President Cyril Ramaphosa told a news conference in the Chinese capital.

Largest diplomatic gathering in Beijing since the Covid-19 pandemic, the Forum on China-Africa Cooperation summit is bringing together more than 50 African leaders from Wednesday to Friday, according to Chinese state media.

Also speaking at the summit, UN Secretary-General Antonio Guterres said China and Africa, by cooperating, could make “the renewable energy revolution.”

“China’s remarkable record in development, especially in poverty eradication, is a great source of experience and expertise,” he said.

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