China has announced a significant boost in its economic engagement with Africa, offering $51bn (£40bn) in fresh funding and pledging to create one million jobs across the continent.
The commitment was made during the Forum on China-Africa Cooperation (FOCAC), a high-level meeting between Chinese and African leaders.
Chinese President Xi Jinping, speaking via video link, said: “China will work hand in hand with African countries to deliver a brighter future for our peoples.”
The package includes $51bn in funding for various projects across Africa, along with a promise to create one million jobs for Africans. China has also committed to increased investment in infrastructure, agriculture, and technology sectors.
African leaders have welcomed the announcement, but some analysts urge caution. “While this investment is substantial, African nations must ensure it aligns with their own development goals,” said Dr. Amina Mensah, an economist at the University of Ghana.
China has been Africa’s largest trading partner for over a decade, with two-way trade reaching $254bn in 2021, according to Chinese government data.
Critics have previously raised concerns about the terms of Chinese loans and the potential for “debt-trap diplomacy”. However, Beijing insists its relationship with Africa is mutually beneficial.
The new funding package comes as Western nations also seek to increase their economic influence in Africa, viewing the continent as a key arena for global competition.
African Union Chairman Moussa Faki Mahamat called for “balanced partnerships” that respect African sovereignty and promote sustainable development.
As implementation begins, the international community will be watching closely to see how this latest round of Chinese investment shapes Africa’s economic landscape.
