China Commits $51 Billion to Boost Africa's Development at Forum

President Xi Jinping announced China's support for Africa with $51 billion in funding over three years at the Forum on China-Africa Cooperation Summit in Beijing. This will involve infrastructure projects, job creation, and financial aid, aiming to enhance cooperation in various sectors and internationalize the Chinese yuan.

President Xi Jinping has pledged to intensify China's support for debt-laden Africa by allocating nearly $51 billion over the next three years. The announcement came during the Forum on China-Africa Cooperation Summit held in Beijing, where Xi committed to funding infrastructure projects, creating job opportunities, and boosting other sectors.

Xi noted that China and Africa, accounting for a third of the world population, are essential to global modernization. As the world's top bilateral lender, China plans to launch numerous infrastructure projects and promote 'small and beautiful' schemes centered around advanced and green technologies.

The financial package includes 360 billion yuan, with the majority as credit lines and direct investment from Chinese companies. An emphasis on internationalizing the yuan was evident, with aid aimed at fostering a shared future. United Nations Secretary-General Antonio Guterres highlighted the critical need for broader debt relief and resource access for African nations.

(With inputs from agencies.)