The President of China, Xi Jinping, on Thursday announced $50 billion in financial support and another pledge of $280 million in aid for Africa, in addition to military aid, as part of his country’s sustained efforts to alleviate poverty and other socioeconomic challenges in the continent.
The Chinese President, who made the pledge in his remarks during the opening session of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, said China valued its ties with African nations and canvassed the need for China and African nations to rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.
According to him, the 10 actions to be implemented in the next three years to boost growth in the continent comprised areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security.
He expatiated: “To implement the 10 partnership actions, the Chinese government will provide RMB360 billion Yuan of financial support through the next three years.
”This breaks down into RMB210 billion Yuan of credit line, RMB80 billion Yuan of assistance in various forms, and at least RMB70 billion Yuan of investment in Africa by Chinese companies.
”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas”, Jinping added.
The Chinese leader proposed that the overall characterization of China-Africa relations should be elevated to an all-weather China-Africa community with a shared future for the new era.
He expressed his satisfaction over the nearly 70 years of tireless efforts from China and African countries to strengthen multilateral relations and described the current China-Africa relationship as at its best in history.
To consolidate the achievements of the China-Africa relationship, the President advised: “With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.”
Earlier in his speech at the Summit, President Bola Tinubu also emphasized the importance of global collaboration in achieving shared progress and prosperity.
He explained that the partnership would be driven by a bold vision for the future and that by working together, Africa and China can unlock unprecedented levels of growth and development for their nations.
Tinubu said: ”The success of FOCAC and our broader partnership emphasizes the important truth that global progress is not a zero-sum game. By working together and joining hands and looking for win-win solutions, we create opportunities for sustainable development and shared prosperity. Our joint efforts reinforce a vision for a multi-polar world where diverse perspectives are embraced, and where cooperation is key to solving global challenges.
”At the heart of China-Africa relations is a foundation built on trust, mutual respect, and the pursuit of common goals. As we look to the future, it is crucial that we maintain the momentum. Peaceful dialogue, transparent business practices, and diplomatic conflict resolution remain at the forefront of our efforts.
”These values will ensure that the bond between Africa and China continues to deepen and benefit both regions for the generations yet to come. The partnership is not only about shared history. It is driven by a bold collective vision for the future.
”Together, we join hands by pulling our strength and resources together. We can unlock an unprecedented level of growth and development for our nations”, he stressed.
