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China offers Africa $51 billion in fresh funding, promises a million jobs

World News

2024-09-05 | 02:36

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China offers Africa $51 billion in fresh funding, promises a million jobs

President Xi Jinping pledged on Thursday to step up China's support to the world's fastest-growing continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.

The world's biggest two-way lender, Beijing showed a desire to move away from funding big-ticket infrastructure and focus instead on selling to developing economies the advanced and green technologies in which Chinese firms have invested heavily.

Still, Xi told delegates from more than 50 African nations that the world's second-largest economy would carry out 30 infrastructure projects across the resource-rich continent, and offer 360 billion yuan ($50.70 billion) in financial assistance.

"China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment," Xi told delegates at a major China-Africa summit in Beijing.

Reuters

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