Chinese President Xi Jinping pledges $50bn financial aid to Africa

President Bola Tinubu on Thursday in Beijing, China, emphasized the importance of global collaboration in achieving shared progress and prosperity.

The advice came just as Chinese President Xi Jinping pledged $50billion for development in Africa, including military aids to the continent.

The Chinese leader also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernization with Africa.

While speaking at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing, President Tinubu highlighted the success of the China-Africa partnership as a model for sustainable development and shared prosperity.

He noted that the partnership is driven by a bold vision for the future and that by working together, Africa and China can unlock unprecedented levels of growth and development for their nations.

The President said cooperation is key to solving global challenges and that the China-Africa partnership is built on trust, mutual respect, and the pursuit of common goals.

He called for the sustenance of the momentum of cooperation and emphasized the need for peaceful dialogue, transparent business practices, and diplomatic conflict resolution in deepening the bond between Africa and China.

He expressed optimism that the partnership will continue to benefit both regions as it is driven by a bold collective vision for the future.

“The success of FOCAC and our broader partnership emphasizes the important truth that global progress is not a zero-sum game. By working together and joining hands and looking for win-win solutions, we create opportunities for sustainable development and shared prosperity. Our joint efforts reinforce a vision for a multi-polar world where diverse perspectives are embraced, and where cooperation is key to solving global challenges.

”President Xi said China appreciates its ties with African nations and that China and Africa should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.

According to President Xi, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security.

“To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.

Chinese President Xi Jinping pledges $50bn financial aid to Africa

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