Xi Jinping Unveils $51 Billion Investment, Infrastructure, and Job Creation Plan for Africa

Chinese President Xi Jinping has pledged $51 billion to support Africa with 30 infrastructure projects and create 1 million jobs. The announcement was made at the Forum on China-Africa Cooperation Summit, outlining plans for clean energy, nuclear energy, and improved trade access. Financial aid includes credit lines and investments totaling 360 billion yuan.

Chinese President Xi Jinping has pledged $51 billion in new financing for Africa, committing to support 30 infrastructure projects and create at least 1 million jobs. The announcement was made on Thursday during a major China-Africa cooperation summit, drawing leaders from over 50 African nations. He emphasized enhancing African trade access to the Chinese market.

The Forum on China-Africa Cooperation Summit in Beijing maps out a three-year agenda to fortify ties between China, the world's second-largest economy, and Africa, the fastest-growing continent. Xi announced plans for clean energy and nuclear energy projects to address Africa's power deficit, which has hindered industrial growth.

Xi also detailed plans for 30 infrastructure connectivity projects, aiming to establish land-sea links and coordinated development. Additionally, China will assist in the creation of the African Continental Free Trade Area, furthering logistics and financial cooperation. The financial package includes 360 billion yuan, deployed in credit lines and fresh investments, with smaller amounts allocated to military aid and other areas.

(With inputs from agencies.)