FOCAC ends with $50bn of Chinese pledges to Africa

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Chinese President Xi Jinping committed over $50bn in financial aid to African nations in the next three years during the Forum on China-Africa Cooperation (FOCAC), the largest diplomatic event organised in Beijing since the Covid-19 pandemic, which drew to a close on Friday.

“Over the next three years, the Chinese government is willing to provide financial support amounting to RMB360bn yuan ($50.7bn). This breaks down into RMB210bn of credit lines, RMB80bn of assistance in various forms, and at least RMB70bn of investment in Africa by Chinese companies,” he said.

The Chinese capital was decked out in all its finery on Monday as FOCAC welcomed more than 50 African leaders. Addressing the leaders and UN Secretary-General Antonio Guterres during the opening ceremony at the Great Hall of the People, Xi Jinping, while presenting a three-year plan for continuous cooperation, emphasised China’s ambition to solidify its influence on the continent.

“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade, and investment, promote exemplary, high-quality Belt and Road cooperation projects, and build together a model for the delivery of the Global Development Initiative,” Xi declared.