China is making a massive bet on Africa, pledging over $50 billion in financing for the continent over the next three years. The move aims to create at least one million jobs and strengthen China’s relationship with Africa, which is currently at its “best period in history,” according to Chinese President Xi Jinping.
The announcement was made during the China-Africa forum, attended by approximately 50 African leaders and UN Secretary-General Antonio Guterres. The forum saw numerous commitments to collaborative projects in infrastructure, agriculture, mining, trade, and energy.
Xi’s vision for China-Africa relations is clear: to expand cooperation with African nations in industry, agriculture, infrastructure, trade, and investment. China is already Africa’s leading trading partner, with significant investments in the continent’s natural resources, including copper, gold, lithium, and rare earth minerals.
Key agreements signed during the forum include:
– Zambia: China’s PowerChina to expand rooftop solar panels in partnership with ZESCO.
– Nigeria: Joint statement outlining plans for “deeper cooperation” in infrastructure, including transportation, ports, and free trade zones.
– Tanzania: Xi commits to facilitating progress on long-delayed railway project linking Tanzania to Zambia.
– Zimbabwe: Beijing assures increased cooperation in agriculture, mining, environmentally friendly energy, and transportation infrastructure, and agrees to enable export of fresh avocados to China.
– Kenya: Xi pledges to open up Chinese markets to Kenyan agricultural products, and agreements are reached on expanding Standard Gauge Railway and Rironi-Mau Summit-Malaba motorway.
However, some critics have raised concerns about the risks of debt trap diplomacy and the environmental and social impacts of Chinese investment. Kenya, for example, currently owes China over $8 billion, with President William Ruto requesting a $1 billion loan and debt restructuring last year to finalize stalled construction projects.
