In a landmark address at the 2024 Forum on China-Africa Cooperation (FOCAC) in Beijing, Chinese President Xi Jinping announced a groundbreaking pledge of over $50 billion in financial support for Africa over the next three years. This forum, the first to convene since the pandemic, drew more than 50 African leaders along with UN Secretary-General Antonio Guterres.
The event not only highlights China’s deepening commitment to strengthening its partnership with Africa but also represents a significant peak in China-Africa relations, which Xi lauded as being in their “best period in history.”
According to Xi, China aims to partner with Africa across several key areas, including infrastructure, industry, agriculture, trade, investment, and green development. The financial package announced comprises a blend of credit, direct assistance, and private investment:
360 billion yuan ($50.7 billion) in financial support.
210 billion yuan allocated as credit lines.
80 billion yuan designated for various forms of assistance.
70 billion yuan through investments by Chinese firms.
In addition to economic support, Xi pledged $141 million in military aid. This includes training for 6,000 military personnel and 1,000 police officers from Africa, marking a significant boost in security cooperation between China and the continent.
The summit also witnessed a flurry of agreements with Zambian President Hakainde Hichilema securing a deal that expands rooftop solar panel usage in Zambia with Beijing’s PowerChina.
Likewise, Nigeria and China agreed to enhance cooperation on infrastructure projects, including transportation and free trade zones. Tanzanian President Samia Suluhu Hassan also obtained a commitment for progress on a long-delayed railway project, and Zimbabwe secured promises for cooperation in agriculture, mining, and energy.
Kenyan President William Ruto negotiated increased market access for Kenyan agricultural products and additional support for key infrastructure projects, including the expansion of the Standard Gauge Railway and the Rironi-Mau Summit-Malaba motorway.
With all the agreements and pledges, there are concerns about the practicalities of implementing these promises and the potential impact on African debt burdens. Analysts have noted that past Chinese investments, especially under the Belt and Road Initiative, have sometimes led to significant debt for African nations. Xi’s speech did not directly address these concerns, but the current pledge is viewed as a strategic move to reaffirm China’s dedication to Africa amidst growing international competition.
Before the end of the day's forum, UN Secretary-General Antonio Guterres highlighted the potential for China-Africa relations to drive a renewable energy revolution. He praised China’s development record and its role in eradicating poverty, suggesting that the growing partnership could serve as a model for global sustainable development.
