China: Xi Jinping Pledges $50 Billion Investment in Africa

Chinese President Xi Jinping has unveiled an action plan to be developed over three years that includes $50 billion in funding.

Xi Jinping addressed the Forum on China-Africa Cooperation (FOCAC) and on that occasion proposed to elevate bilateral relations between China and all African countries, with which there are diplomatic ties, to the level of strategic relations. Heads of state, government, and representatives from 53 of the 54 African countries are in Beijing, with only the small Eswatini, which recognizes Taiwan, missing. According to the Chinese president, modernization is “the inalienable right of all countries,” and the modernization of China and Africa will drive the development of the entire Global South.

Modernization is a must: “Fair and equitable, open and successful, putting people first, characterized by diversity and inclusion, ecological and underpinned by peace and security.”

Specifically, these 50 billion will consist of 30 billion in lines of credit, 10 billion in investments by Chinese companies, and other funds to train military and police forces. Some of these funds will support 30 infrastructure projects that will create one million jobs. Among them is the Tanzania-Zambia railroad, a project that dates back to Mao’s time. Then there will be 1000 projects defined as “small and beautiful,” that is, less ambitious than in the past, but more pragmatic and with less debt.

Xi Jinping also said that China will voluntarily and unilaterally open its market “and decided to give all least developed countries that have diplomatic relations with China, including 33 African countries, 100% zero tariff treatment.”