xi jinping
Chinese President Xi Jinping has pledged more than $50 billion in financing for Africa over the next three years, promising to help generate a million jobs on the continent.
“Over the next three years, the Chinese government is willing to provide financial support amounting to 360 billion yuan ($50.7 billion),” Xi told African leaders in Beijing on Thursday, promising to help “create at least one million jobs for Africa”.
According to official media, more than 50 African leaders, including UN Secretary-General Antonio Guterres, will attend this week’s China Africa Forum. African leaders obtained numerous pledges for further collaboration in infrastructure, agriculture, mining, trade, and energy.
Addressing the leaders during the forum’s opening ceremony in Beijing’s magnificent Great Hall of the People, Xi praised relations with the continent as being in their “best period in history”.
“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” according to him.
China, the world’s second-biggest economy, is Africa’s major trading partner and has attempted to exploit the continent’s huge natural riches, which include copper, gold, lithium, and rare earth minerals.
It has also provided billions of dollars in loans to African countries, which have helped create much-needed infrastructure but have also sparked controversy by burdening governments with massive debts.
Bilateral consultations held on the margins of the summit resulted in a plethora of agreements for increased cooperation on projects ranging from railways to solar panels to avocados.
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