China-Africa Summit: China’s Xi Jinping pledges $50bln to Africa, expands military ties

China’s President Xi Jinping says he has committed $50 billion in financial support, promising increased military cooperation to Africa over the next three years.

Speaking at the forum on China-Africa Cooperation in Beijing, Xi outlined his vision for strengthening ties with the continent, which he declared is experiencing its most favorable period in history.

In his 10-minute speech, Xi pointed out ten key areas for future cooperation, including infrastructure connectivity, trade, security, and green development.

The focus on green technology aligns with China’s broader goal to expand its export of green technologies, reflecting its evolving strategic interests.

Xi proposed elevating diplomatic relations with all African nations to a strategic partnership level, a move he believes will mark the apex of China-Africa relations.

China and Africa should rally their populations together to become a “powerful force” and write a “new chapter in peace, prosperity, and progress,” Xi said in a sweeping speech to delegates from more than 50 African nations as he sought to bolster relationships seen as key to Beijing’s position as a rising global power.

Xi separately pledged another $280 million in aid to African countries, split evenly between military and food assistance.

The announcements are a sign Beijing wants to demonstrate its commitment to the continent, despite a recent slowdown in its overseas development lending and as Africa struggles with its foreign debt, including those owed to China.

The pledge of $140 million in military aid is the largest amount that China has earmarked for this purpose at the three-yearly Forum on China-Africa Cooperation, signalling the increasing importance of security in the relationship between Beijing and its partners in Africa.

In 2018, China said it would provide $100 million to support the African Standby Force and African Capacity for Immediate Response to Crisis.

Xi has pledged to contribute $50 billion to the continent over the next three years.

A mix of credit funds, assistance, and private investment from Chinese firms — outstrips a previous pledge made three years ago of around $30 billion during a prior iteration of the forum in Dakar, Senegal.

While lower than the $60 billion pledged in 2015 and 2018, respectively, it appears to be aimed at sending a strong signal to visiting leaders about China’s commitment to the continent.

It’s unclear how Xi’s pledges would align in practice with the expectations from visiting African leaders as fulfilment of past pledges has also been difficult to track, according to analysts.