Chinese President Xi Jinping has pledged to step up China’s support for debt-laden Africa with funding of nearly $51 billion over three years, backing for more infrastructure projects, and the creation of at least 1 million jobs.
“China and Africa account for one-third of the world population. Without our modernization, there will be no global modernization,” Xi said at the Forum on China-Africa Cooperation Summit in Beijing.
The Chinese leader committed 360 billion yuan ($50.70 billion) in financial assistance over three years, with 210 billion yuan to be disbursed through credit lines and at least 70 billion yuan in fresh investment by Chinese companies.
ALSO READ: Elon Musk Acquires Stanford University in $139 Billion Deal, Renames it “X-fka-LSJU”
United Nations Secretary General Antonio Guterres warned of social unrest over inadequate debt relief, saying African countries’ inadequate access to debt relief and scarce resources was a recipe for social unrest.
“I’m here to see how best we can foster our relationship with China,” said Princess Dugba, Sierra Leone’s fisheries and marine resources minister. “China is getting us a fish harbour, which is one of the first of its kind.”
The forum adopted the Beijing Declaration on building “a shared future in the new era” and the Beijing Action Plan for 2025-2027, which includes terms for repayment postponements and calls for the establishment of an African rating agency