China has pledged more than US$50 billion to Africa in financing that will deepen cooperation in infrastructure and trade with the continent over the next three years.
The pledge was made by Chinese President Xi Jinping on Thursday during the opening ceremony of the Beijing Summit of The Forum on China-Africa Cooperation (FOCAC) attended by more than 50 countries, including President Emmerson Mnangagwa and UN secretary general Antonio Guterres.
Xi hailed the growing ties between China and Africa, which he said were at their “best period in history.”
“China is ready to deepen cooperation with African countries in industry and agriculture, infrastructure, trade and investment,” he said.
“Over the next three years, the Chinese government is willing to provide financial support amounting to US$50.7 billion.”
Xi also promised that China will help “create at least one million jobs for Africa” as part of the comprehensive support.”
He said the founding of FOCAC in 2000 was “a milestone in the history of China-Africa relations.”
“Over the past 24 years, especially in the new era, China has advanced forward hand in hand with our African brothers and sisters in the spirit of sincerity, real results, amity and good faith,” Xi said.
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“We stand shoulder to shoulder with each other to firmly defend our legitimate rights and interests as once-in-a-century changes sweep across the world.
“We get stronger and more resilient together by riding the tide of economic globalisation, delivering tangible benefits to billions of ordinary Chinese and Africans.
“We share weal and woe in fighting natural disasters and epidemics together, creating touching stories of China-Africa friendship.
“We always empathise with and support each other, setting a stellar example of a new type of international relations.”
He added: “Let us rally the more than 2.8 billion Chinese and African people into a powerful force on our shared path toward modernisation, promote modernisation of the Global South with China-Africa modernisation, and write a new magnificent chapter of development in human history.
“Let us join hands to bring about a bright future of peace, security, prosperity and progress for our world.”
Mnangagwa, who left the country last week for a state visit to China ahead of FOCAC, has witnessed the signing of a number of agreements between Chinese and Zimbabwean companies for proposed projects worth billions of dollars.
Last week, Chinese embassy deputy head Cheng Yang described the president’s state visit as historic.
“The president’s visit will be a historic event for our bilateral relations and will open up new vistas for China-Africa and China-Zimbabwe relationship,” Yang said.
“And with no doubt, it will forge a fresh start for our pragmatic cooperation including education cooperation.”
China is already Zimbabwe’s largest source of investment. Chinese companies have been investing heavily in Zimbabwe’s energy and infrastructure sector.
Some of the big projects implemented by Chinese companies with funding from Beijing include the expansion of the Robert Mugabe International Airport and the Hwange thermal power station.
The 2024 FOCAC Summit is themed: "Joining Hands to Advance Modernisation and Build a High-Level China-Africa Community with a Shared Future".
