Credit funds, Assistance, and Private investment have been identified as topping the lists of China’s President Xi Jinping’s $50 billion financial support and military cooperation to Africa over the next three years.
The focus on green technology aligns with China’s broader goal to expand its export of green technologies, reflecting its evolving strategic interests. Xi proposed elevating diplomatic relations with all African nations to a strategic partnership level, a move he believes will mark the apex of China-Africa relations CNN first reported.
The substantial $50 billion pledge includes a mix of credit funds, assistance, and private investment from Chinese firms. This new commitment surpasses the $30 billion pledged three years ago and, while lower than the $60 billion pledged in 2015 and 2018, it aims to reaffirm China’s dedication to the continent. In addition, Xi announced another $280 million in aid, split evenly between military and food assistance.
The $140 million allocated for military aid is the largest sum earmarked for this purpose at the Forum to date, signaling a heightened focus on security in the bilateral relationship.
The Forum, which includes leaders such as South Africa’s Cyril Ramaphosa, Kenya’s William Ruto, and Nigeria’s Bola Tinubu, comes at a critical juncture. The event highlights China’s ongoing strategic interest in Africa amid increasing competition from the US and Europe. Xi’s speech and pledges are seen as part of China’s effort to counter Western influence and secure its position as a rising global power.
Xi also stressed the importance of China and Africa working together to address global challenges such as conflict, climate change, and the geopolitical rivalry over critical minerals. South Africa’s Ramaphosa praised China’s “solidarity” with Africa, emphasizing the continent’s hope and opportunity amidst these global challenges. “These challenges affect all nations but are more often severely felt on the African continent,” he said.
However, there are concerns about how Xi’s pledges will align with the expectations of African leaders and the practicalities of implementing these promises. Analysts have pointed out difficulties in tracking the fulfillment of past commitments, which could complicate the assessment of this new pledge.
Beijing’s extensive past investments, particularly under the Belt and Road Initiative, have faced criticism for contributing to debt burdens in several African nations. While Xi did not address these debt issues directly, the current pledge is seen as a strategic maneuver to underscore China’s continued commitment amid growing global competition.
Xi’s emphasis on security cooperation, including a promise to train 6,000 military personnel and 1,000 law enforcement officers, reflects Beijing’s broader ambitions in Africa. This push for greater security ties comes as China seeks to expand its strategic partnerships in a region that has become increasingly important to its geopolitical and economic goals.
