BEIJING — On September 5, President Xi Jinping announced that China will significantly enhance its support for debt-stricken African nations with nearly $51 billion in funding over the next three years. This commitment includes backing for more infrastructure projects and the creation of at least one million jobs.

During the Forum on China-Africa Cooperation Summit in Beijing, Xi outlined China's readiness to deepen collaboration with Africa in various sectors including industry, agriculture, infrastructure, trade, and investment. He emphasized that both China and Africa together represent a third of the world's population, asserting that global modernization is dependent on the progress of these regions.

China, the largest bilateral lender globally, has vowed to undertake three times as many infrastructure projects in Africa. This initiative aligns with Xi's recent preference for "small and beautiful" projects that leverage advanced and green technologies.

The Chinese leader promised a total of 360 billion yuan ($65.98 billion) in financial aid over three years. Of this amount, 210 billion yuan will be allocated through credit lines, with at least 70 billion yuan coming from fresh investments by Chinese companies. Additional funds will be provided for military aid and other projects.

Unlike the 2021 summit where China promised $10 billion in investment and an equal amount in credit lines, this new aid will be provided in yuan, reflecting an effort to internationalize the Chinese currency.

At the summit, delegates endorsed the Beijing Declaration on a shared future and the Beijing Action Plan for 2025-2027. Xi also advocated for the development of a China-Africa network of land and sea connections and called for Chinese contractors to return to Africa now that COVID-19 restrictions have been lifted.

Although Xi did not address the issue of debt in his speech, the Action Plan includes terms for repayment delays and proposes the creation of an African rating agency.

UN Secretary General Antonio Guterres highlighted the inadequate debt relief and scarce resources in Africa as potential sources of social unrest. African debt arrangements are varied, with different countries owing to various creditors including Gulf states, European nations, multilateral bodies, and private bondholders.

The summit outlined a three-year plan for cooperation between China and all African countries except Eswatini, which maintains ties with Taiwan. Xi announced plans for 30 infrastructure and 30 clean energy projects in Africa and expressed willingness to collaborate on nuclear technology to address power deficits.

While Xi did not reaffirm his 2021 pledge to purchase $300 billion worth of African goods, he committed to expanding market access unilaterally. Analysts note that China's strict sanitary regulations on plants have hindered the fulfillment of this promise.

Despite this, China is set to increase its financial support for Africa. Last year, China approved $4.61 billion in loans to Africa, marking the first annual increase since 2016.

Sierra Leone's fisheries and marine resources minister, Princess Dugba, expressed enthusiasm about the new support, noting that China is helping to build a new fish harbor, a pioneering project for the region.

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