China offers Africa $66b in fresh funding, promises a million jobs

BEIJING — President Xi Jinping pledged on Thursday (Sept 5) to step up China's support across debt-laden Africa with funding of nearly US$51 billion (S$66 billion) over three years, backing for more infrastructure projects, and the creation of at least one million jobs. China was ready to step up co-operation with Africa in industry, agriculture, infrastructure, trade and investment, Xi told delegates from more than 50 African nations gathered in Beijing for the three-yearly Forum on China-Africa Cooperation Summit. "China and Africa account for one-third of the world population. Without our modernisation, there will be no global modernisation," Xi said. China, the world's biggest bilateral lender, promised to carry out three times as many infrastructure projects across resource-rich Africa despite Xi's avowed new preference for "small and beautiful" schemes based around selling advanced and green technologies in which Chinese firms have invested heavily.

China offers Africa $66b in fresh funding, promises a million jobs

China offers Africa $66b in fresh funding, promises a million jobs

China offers Africa $66b in fresh funding, promises a million jobs

China offers Africa $66b in fresh funding, promises a million jobs

China offers Africa $66b in fresh funding, promises a million jobs