China commits $50.6B in funding to Africa in 3 years - Breaking The News

China commits $50.6B in funding to Africa in 3 years

5 September

1 min read

EPA-EFE/ADEK BERRY / POOL

Chinese President Xi Jinping announced Thursday that China will allocate 360 billion yuan (about $50.6 billion) over the next three years to support Africa through its 10-point initiative.

This financial commitment includes 210 billion yuan in loans and 80 billion yuan in direct aid. Additionally, China aims to encourage Chinese companies to invest at least 70 billion yuan in various African projects.

This investment is part of China's broader strategy to deepen economic ties with Africa, and with the other promises of supporting Africa's modernization and expanding economic partnerships between the two regions made during the Forum on China-Africa Cooperation Summit (FOCAC) in Beijing.

xi jinping africa china-africa relations

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