The President of China, Xi Jinping, announced a tremendous amount of monetary support for Africa, promising $50 billion over a period of three years. This promise was made during his speech at the Forum on China-Africa Cooperation held in Beijing on Thursday, which had more than 50 African leaders present.
He emphasized that the relations between China and Africa are at their best ever, as far as history is concerned. He wanted to upgrade all economic ties with African countries, which included increased investment and trade, as well as development of infrastructure.
The pledge comes as China’s economy slows down, impacting its ability to lend; nevertheless, Xi’s commitment is a clear representation of China’s strategic desire to strengthen ties with Africa, which is important for his own political interests.
Alongside economic assistance, President Xi also announced plans for enhancing military cooperation with African countries, which further entrenches China’s footprint on the continent.
