Chinese president Xi Jinping, on September 5, 2024, announced China’s plan to significantly increase support for Africa over the next three years. China will provide nearly $51 billion in funding, support infrastructure projects, and create at least 1 million jobs.

This pledge, made during the Forum on China-Africa Cooperation Summit in Beijing, includes 360 billion yuan ($50.70 billion) in financial assistance, with a significant portion in credit lines and direct investment by Chinese companies.

Xi emphasized enhanced cooperation in various sectors such as industry, agriculture, and trade, and highlighted the importance of China and Africa in global modernization. The new plan, which includes 30 infrastructure and 30 clean energy projects, aims to strengthen China-Africa connections and further internationalize the Chinese yuan.

The forum also saw the adoption of the Beijing Declaration and the Beijing Action Plan for 2025-2027. Despite not addressing debt explicitly, the Action Plan includes measures for repayment postponements and the establishment of an African rating agency. The initiative seeks to address Africa’s power deficit and support industrialization efforts.

Xi’s announcement did not repeat a 2021 pledge to buy $300 billion in African goods but focused on expanding market access and financing. The increased Chinese loans to Africa reflect a commitment to deepening the partnership, with specific projects already underway, such as a new fish harbor in Sierra Leone.