China Commits to Strengthening Support for Africa with $51 Billion in Financing
China has pledged to strengthen its support for Africa, with financing of nearly $51 billion. This financing will be oriented towards infrastructure projects with the potential to create at least one million jobs. The summit of the Sino-African Cooperation Forum has effectively defined a three-year program for China and all African states, with the exception of Eswatini, which maintains ties with Taiwan.
As the world's largest bilateral lender, Beijing has expressed its desire to move away from financing costly infrastructure projects and instead focus on selling advanced and green technologies to developing economies, in which Chinese companies have invested heavily. However, during the summit with Africa, the Chinese president declared to representatives of over 50 African nations that his country will undertake 30 infrastructure projects on the continent and offer financial assistance of $50.7 billion.
In addition to 30 connectivity infrastructure projects, China is ready to launch 30 clean energy projects, proposing cooperation in the field of nuclear technology and addressing the energy deficit that has hindered industrialization efforts.
The authorities plan to create a China-Africa network, equipped with land and sea links and coordinated development. Chinese entrepreneurs have been called upon to return to the continent. An envelope of $29.6 billion will take the form of credit lines, and around $10 billion will be invested by Chinese companies.
It is worth noting that Beijing did not reiterate its promise, made during the 2021 forum in Dakar, to purchase $300 billion worth of African products. Instead, it announced its intention to unilaterally expand access to its market. China will support the development of the African Continental Free Trade Area and logistical and financial cooperation for transregional development in Africa.
We hope that Tunisia can secure some projects and investments, regardless of the sector. We have the potential to be attractive, and there is a political dynamic in recent years to deepen Sino-Tunisian cooperation. The coming days will bring more details.