China has pledged $50 billion to African countries as it looks to deepen economic and trade ties with the region.
President Xi Jinping made the pledge at the China-Africa summit holding in Beijing. The $50 billion package would cover key areas like infrastructure, trade, security and climate change.
This new financial aid is more than the $30 billion offered by China three years ago. It is however lower than the $60 billion agreed in 2015 and 2018. The funding lends credence to China’s desire to expand its economic and trade interest on the continent.
Apart from the $50 billion pledge, Xi announced another $280 million in aid, to be split evenly between military and food assistance.
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The military aid package is the biggest sum so far since the emergence of the China-Africa forum. It indicates China’s desire to take its relationship with Africa beyond economics and trade into military and security assistance.
This also reflects China’s quest for more influence in the region to counter the US and other Western powers. Furthermore, Xi’s push for greater security ties comes as China seeks to expand its strategic interest as Africa continues to be of geopolitical and economic importance to China.
Xi Jinping emphasised the importance of China and Africa joining hands to tackle conflict, climate change, bickering over critical minerals resources and other global challenges.
He said China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment.
The $50 billion pledge is coming amid growing concerns about how African countries are getting indebted to China and the conditions attached to some of these aids.
