On Thursday in Beijing, Chinese President Xi Jinping pledged $50 billion in financial aid for Africa, along with additional military support and $280 million in development aid. This announcement came during the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing.
President Bola Tinubu, also speaking at the summit, underscored the importance of global collaboration for shared progress and prosperity. He praised the China-Africa partnership as a model for sustainable development and mutual growth. Tinubu highlighted the partnership’s foundation on trust, mutual respect, and common goals, emphasizing the need for continued peaceful dialogue, transparent business practices, and diplomatic conflict resolution.
President Xi, in his address, outlined ten partnership actions to be implemented over the next three years, covering areas such as trade, industrial cooperation, health, agriculture, cultural exchanges, and green economic development. To support these initiatives, the Chinese government will provide 360 billion yuan (approximately $50 billion) in financial support.
Xi stressed the significance of China-Africa relations, encouraging both regions to work together to become a force for global peace, prosperity, and progress. The partnership, he said, reflects a vision for a multi-polar world where diverse perspectives and cooperation are key to addressing global challenges.
