Chinese President Xi Jinping announced on Thursday that China will significantly increase its support for Africa, promising nearly $51 billion in funding over the next three years. The pledge, unveiled during the Forum on China-Africa Cooperation Summit in Beijing, includes funding for infrastructure projects, job creation, and investment in various sectors.

Xi's announcement includes plans to fund infrastructure projects, support clean energy initiatives, and create at least 1 million jobs across the continent.

He emphasized China's readiness to deepen cooperation with Africa in sectors such as industry, agriculture, and trade, highlighting the interconnectedness of the two regions.

“China and Africa account for one-third of the world population. Without our modernization, there will be no global modernization,” Xi stated.

Yesterday, China revealed that it would grant Egypt ¥100 million (approx. $14 million) to support joint development projects between the two countries.

On Thursday, Xi committed ¥360 billion ($50.70 billion) in financial assistance over three years, but specified that ¥210 billion would be disbursed through credit lines and at least ¥70 billion in fresh investment by Chinese companies.

This is a significant increase when compared with their pledge from the 2021 China-Africa summit, where China pledged $10 billion in investment and an equal amount in credit lines.

Xi also announced plans for 30 clean energy projects and offered to collaborate on nuclear technology to address Africa's power deficit, which has hampered industrialization.