China's Xi promises Africa over $50 billion in new funds

STORY: China's President Xi Jinping has promised Africa more than $50 billion in fresh funding.

That's as he opened a major China-Africa summit in Beijing on Thursday (September 5).

"China is willing to deepen cooperation with Africa in the areas of industry and agriculture, infrastructure, trade and investment."

Xi said 210 billion yuan of the financing, a little under $30 billion, would be disbursed through credit lines and 70 billion yuan in fresh investment by Chinese companies.

He also told delegates from more than 50 African countries that the world's second largest economy would carry out 30 infrastructure projects.

:: Nairobi, Kenya

:: File

The Forum on China-Africa Cooperation Summit chalks out a three-year program for China and every African state bar Eswatini - which retains ties to Taiwan.

But the priorities of the world's biggest two-way lender have been shifting, including a desire to move away from big-ticket infrastructure projects.

:: Datong, China

:: File

Instead Beijing wants to sell developing countries the advanced and green technologies in which Chinese firms have invested heavily.

At the summit, Xi said China was ready to launch 30 "clean energy projects in Africa."

And South Africa's President Cyril Ramaphosa warned delegates that climate change is causing "widespread devastation."

"The world is falling behind in its efforts to achieve the sustainable development goals. The global contestation for critical minerals is fueling geopolitical rivalry. These challenges affect all nations, but are more often severely felt on the African continent."

:: September 4, 2024

Earlier this week Ramaphosa told Xi that he wants to narrow his country's trade deficit with China - an aspiration almost all African countries share.

However, on Thursday Xi did not reiterate a pledge, made at the last summit in three years ago, to buy $300 billion worth of African goods.

Instead he promised only to unilaterally expand market access.

Analysts say Beijing's strict market access rules are blocking African food exporters from selling into the giant consumer market.