China has pledged KES 6.6 trillion in fresh funding for Africa over the next three years, with Chinese President Xi Jinping announcing the initiative at the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing. The funding aims to boost infrastructure, agriculture, trade, and industrial projects across Africa, while creating at least one million jobs.
During his keynote speech, President Xi stressed the importance of cooperation between China and Africa, noting that the two regions account for one-third of the world’s population. “Without our modernisation, there will be no global modernisation,” he said.
Of the KES 6.6 trillion, 210 billion yuan will be allocated through credit lines, with at least 70 billion yuan dedicated to new investments by Chinese companies. Additionally, smaller portions will be directed to military aid and other initiatives.
The summit also focused on enhancing China’s role in African development, with Xi outlining plans for 30 infrastructure connectivity projects and 30 clean energy initiatives. These projects are aimed at addressing Africa’s industrialisation challenges, particularly its power deficit. Chinese contractors are expected to return to the continent following the lifting of COVID-19 restrictions.
While Xi avoided discussing Africa’s mounting debt, the Beijing Action Plan, adopted by delegates, includes provisions for debt repayment postponements. The plan also calls for the establishment of an African credit rating agency.
The funding marks China’s continued commitment to Africa, with President Xi emphasising the shared future between the two regions. This latest pledge follows a similar commitment made at the 2021 summit in Dakar, Senegal.
The summit concluded with leaders agreeing on a roadmap for further collaboration between China and African nations, excluding Eswatini, which maintains diplomatic ties with Taiwan.
