Beijing, the world’s largest lender, is shifting focus away from large-scale infrastructure projects and towards promoting advanced and green technologies developed by Chinese firms to developing economies.
Xi Jinping addressed over 50 African nations, revealing that China would move forward with 30 infrastructure projects across the continent and offer 360 billion yuan ($50.70 billion) in financial support.
He emphasised China’s commitment to deepening ties with Africa in areas such as industry, agriculture, trade, and infrastructure development.
He also called for a “China-Africa network” focused on coordinated land and sea development, encouraging Chinese contractors to resume work in Africa as pandemic-related restrictions lift.
In 2023, China’s loans to Africa reached $4.61 billion, showing the first annual growth since 2016.
Of the total financial pledge, 210 billion yuan will be provided through credit lines, 70 billion in fresh investments from Chinese companies, with the rest going toward military aid and other projects.
During the Forum on China-Africa Cooperation Summit in Beijing, Xi Jinping outlined a three-year program for all African nations, except Eswatini, which maintains ties with Taiwan.
He announced that China would pursue 30 infrastructure connectivity projects alongside 30 clean energy projects across Africa, including cooperation on nuclear technology to address the continent’s power shortages.
However, Xi refrained from renewing his 2021 pledge from Dakar, where China committed to purchasing $300 billion worth of African goods.
Instead, he promised to unilaterally expand market access, though analysts point out that Beijing’s stringent phytosanitary regulations have hindered progress in this area.
“We are prepared to support the development of the African Continental Free Trade Area,” Xi stated, also pledging to deepen logistics and financial cooperation for Africa’s trans-regional growth.