China Promises $50 Billion in Funding for Over 50 African Nations

Beijing China: China's President Xi Jinping announced a major financial commitment to Africa during the ninth Forum on China-Africa Cooperation Summit in Beijing. Over the next three years, China will provide 360 billion yuan (about $50 billion) in support to African nations.

President Boakai and Other African Leaders including the chines President Xi Jinping 

This announcement came as leaders from more than 50 African countries gathered in Beijing, including Liberia’s President Joseph N. Boakai, South Africa’s President Cyril Ramaphosa, and Kenya’s President William Ruto. They had individual meetings with Xi before the summit.

Xi highlighted the strong relationship between China and Africa, stating that it is the best it has ever been. He emphasized China’s readiness to enhance cooperation in areas such as industry, agriculture, infrastructure, trade, and investment. He also mentioned China’s plan to support Africa in issuing panda bonds.

The financial support will be divided into 210 billion yuan for credit facilities, 80 billion yuan for various types of assistance, and 70 billion yuan in investments by Chinese companies. Xi stressed that China is committed to a solid partnership with Africa, regardless of global changes.

China has been Africa's largest trading partner since 2009, with trade volume growing from less than 100 billion yuan in 2000 to 1.98 trillion yuan in 2023. In the first seven months of this year alone, trade reached a record 1.19 trillion yuan.

On top of the 360 billion yuan in financial support, Xi mentioned that China will “encourage and support” Africa in issuing panda bonds in China. The pledged financial assistance will break down into 210 billion yuan in credit facilities, 80 billion in various types of assistance and 70 billion yuan worth of investments in Africa by Chinese firms.

“A friend is someone you share the path with” Xi said in the speech, citing an African proverb, noting that China and Africa should be on a “shared path” toward modernization.

President Xi emphasized that “no matter how the international landscape may evolve, China shall never waver in its determination to pursue greater solidarity and cooperation with Africa,” Vice Foreign Minister Chen said in the Aug. 23 briefing.