China to create one million jobs in Africa, announces $51bn financing

China to create one million jobs in Africa, announces $51bn financing

President Xi Jinping of China has promised to bring “at least” one million jobs to Africa in an effort to establish China as a major player in the Global South’s development.

Speaking at the Forum on China-Africa Cooperation, Xi announced $51 billion in new financing for African nations, including loans and various forms of assistance. China will also support 30 infrastructure projects to enhance connectivity across the continent.

“We have jointly built roads, railways, schools, hospitals, industrial parks, and special economic zones. These projects have transformed the lives and futures of many,” Xi told African leaders in Beijing, as reported by Xinhua News Agency.

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Xi underlined that cooperation between China and Africa could propel the Global South’s “modernisation” and result in “new and even greater achievements.” Amid mounting tensions with Western countries, particularly the United States, China is taking the initiative in an attempt to increase its influence in Africa.

Nearly 25% of Africa’s exports, primarily metals, minerals, and fuels, go to China, making it the continent’s biggest trading partner.

Between 2006 and 2021, Beijing committed $191 billion in loans to African countries. Ahead of the summit, African leaders announced various agreements, including Kenyan President William Ruto’s plans to expand the Nairobi-Mombasa railway and a highway in western Kenya.

 

China to create one million jobs in Africa, announces $51bn financing

(Source: Al Jazeera)