Chinese President Xi Jinping pledges $51 billion in new funding for Africa

On Thursday, Chinese President Xi Jinping announced a $51 billion funding package for Africa over the next three years, with a commitment to create at least one million jobs.

The pledge was made during the Forum on China-Africa Cooperation in Beijing, attended by numerous African leaders.

According to the Associated Press, the majority of this financing will be provided through credit lines and new investments from Chinese companies.

China has emerged as a significant player in Africa, investing heavily in mining and supporting various infrastructure projects through its development bank.

While this assistance has generally been welcomed, there are ongoing concerns about the trade deficit with China. Notably, Xi did not repeat his 2021 commitment to buy $300 billion worth of African goods, instead pledging only to improve market access.

This new pledge comes as both China and the U.S. compete for influence on the rapidly growing African continent.

"Modernization is an inalienable right of all countries," Xi stated at the summit, criticizing Western approaches for causing suffering in developing nations.

China has been vocal about creating an alternative to the U.S.-led global order, with Xi positioning China as a leader of the "global south," a term increasingly associated with developing nations.

While some African countries challenge the idea that China represents them, its call for a new path resonates with many who feel neglected by their traditional Western partners.