Xi Jinping, the leader of China, pledged to provide over $50 billion in financing for Africa over the next three years and to assist in the creation of at least one million employment on the continent on Thursday.
Xi’s remarks were delivered during the opening ceremony of a significant summit in Beijing, which brought together a number of African leaders to deliberate on the continent’s economic and political relationships with China.
In the Great Hall of the People, he informed African leaders that the Chinese government is prepared to offer financial assistance totaling 360 billion yuan ($50.7 billion) over the next three years.
Xi stated that the total amount would consist of “210 billion yuan in credit facilities and 80 billion yuan in various types of assistance,” in addition to encouraging Chinese firms to invest a minimum of 70 billion yuan.
The Chinese president pledged to assist in the “creation of a minimum of one million jobs for Africa.”
The speech also contained a commitment from China to “implement 500 public welfare projects, provide 1 billion yuan ($140.9 million) in emergency food aid, and encourage Chinese and African companies to invest and establish businesses in both directions.”
China, the world’s second-largest economy, is Africa’s largest trading partner and has endeavored to exploit the continent’s extensive reserves of natural resources, such as copper, gold, lithium, and rare earth minerals.
In his speech on Thursday morning, Xi also stated that the relationship between China and Africa is currently at its most favorable point in history.
